For more than a week now, the overall digital asset market has been struggling, with major tokens like Bitcoin, Ethereum, and others recalling their prices. Amid this continuing downtrend, Onchain Lens identified a whale that offloaded massive amounts of Shiba Inu (SHIB) tokens to an exchange today.
Whale sells 2.119 trillion SHIB
As per data from Onchain Lens, four wallets, possibly owned by a big investor, collectively deposited a whopping 2.119 trillion Shiba Inu tokens worth $32.55 million into Coinbase. Out of the four transactions, the whale made a profit of $1.63 million.
According to data, the four wallets bought the SHIB tokens over the past three years, from Sept.17, 2021, to July 19, 2024, for $30.91 million. Despite the ongoing market dips, these transactions signal that whales are engaging in profit-taking agendas, making returns from their holdings.
Shiba Inu price updates
SHIB has been gaining significant attention from market participants due to its recent protracted price declines. Over the past month, the asset has been down 27.5%. Its value is currently standing at $0.00001546, after seeing an increase of 1.0% over yesterday.
Its trading volume is down 18.70%, indicating a recent decreased participation from investors and traders. These decreases in market performance signify a reduced enthusiasm for the asset, hinting at a looming bearish momentum in the forthcoming days.
A key metric pointing out SHIB’s potential bearish momentum is the current decline in Open interest (OI) in the token. Over the past 24 hours, the Open Interest for SHIB derivatives contracts experienced a decrease of 1.36%, dropping to $17.3 million on Coinalyze. This decline in OI not only shows decreased investor enthusiasm but also suggests a diminishing interest in Shiba Inu among traders.
Amid the ongoing heightened volatility in the broader digital asset world, the declined OI indicates that wider market conditions could be the catalysts for the asset’s price drop and bearish investor sentiment.
Backed by the factors highlighted above, SHIB’s value could drop to the $0.0000116 support level soon. However, this price decline is an opportunity for traders seeking to capitalize on the dip to acquire tokens for future growth potential.
