SHIB - a decentralized meme token launched in August 2020. It's based on the Ethereum blockchain and has a vast circulating supply, currently at 589T SHIB.
I - Onchain data from 52Hz Onchain (in Vietnamese)I translated the 52Hz Onchain's post from Vietnamese to English, with refinements and explanations of crypto market slangs. I will present text + images so we can view, quote and discuss more easily. I think this is better than sending a simple link.9 fresh addresses withdrew a total of 561B SHIB ~$18M from Coinbase
[1].
But a few minutes before that, there was also a Whale address that had moved to CEX 1.34T SHIB ~$43M
[2]. This amount of SHIB was accumulated by whale 2 years ago.
>> Most likely this is an address conversion action through Coinbase to erase traces.This shows that although SHIB token price has increased sharply recently, whales have not yet made significant profit-taking moves. Their transfer of SHIB tokens between addresses and CEXs may be intended to hide the origin and traces of transactions.
This event can be interpreted in two cases:
- Case 1: Whales expect SHIB price to increase even higher so they are not in a hurry to take profits. They are holding on and waiting for the right moment.
- Case 2: Whales is preparing for a strong sale in the near future. The transfer of tokens back and forth may be to prepare liquidity and hide intentions.
But with Whale's long-term accumulation, case 1 is more likely. At the same time, if whales wanted to take profits, they could have done so sooner given the recent sharp increase in SHIB price. However, the fact that they have not yet sold may indicate expectations of further price increases.
II - Technical analysis (Weekly chart)RSX and MACD are showing that SHIB is in a strong price increase. The last 2 weekly candlesticks have amplitudes of +133% and +55%, respectively, confirming SHIB's price increase.
I personally still believe that when the memecoins trend returns, SHIB will still be one of the tokens that receive attention and cash flow from investors.
[1]
Follow Whale fresh[2]
Whale deposit 1.34T SHIB [>]
SHIB: 6 wallet addresses withdrew 482B SHIB ~ $10.66M from Coinbase (2024.03.04)