SHIB: Whales move tokens to erase traces (2024.03.08)

[MrSpasybo]

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)

[Captain Corporate]

Is this a different one than the one that happened just a few days ago? I remember that you wrote something quite similar to this just a few days ago, so I feel like its not going to really end up being all that different on this one neither. People are reacting to meme projects ups and downs and I got used to it a bit, but now we are talking about every single big movement that happens with it as well? Hell I am the one in the wrong here, if I do not care about such a horrible meme project, why am I even here judging people who talk about it or care about it? I obviously am writing about it too, we should all stop and ignore it.

[Trongduy]

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.

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.

Whales also know that investors are monitoring onchain data so they want to hide their tracks and plans. I see they continue to accumulate and there is no force to sell SHIB, so I still believe that this memecoin will continue to grow in the future. We are just starting to enter the altcoin season, there is no reason for whales to sell off and lose their beautiful positions with SHIB buying prices at extremely low prices in 2023.

Memecoin seems fun, but it turns out it's also a good target for whales to earn huge profits!

[jeraldskie11]

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.

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.

Whales also know that investors are monitoring onchain data so they want to hide their tracks and plans. I see they continue to accumulate and there is no force to sell SHIB, so I still believe that this memecoin will continue to grow in the future. We are just starting to enter the altcoin season, there is no reason for whales to sell off and lose their beautiful positions with SHIB buying prices at extremely low prices in 2023.

Memecoin seems fun, but it turns out it's also a good target for whales to earn huge profits!

They think that they can really hide their steps but in reality it can be traceable. They know that the alt season is yet to come that's why they keep accumulating Shib and those new investors who really don't know what they're doing will suffer loses. Alt season is what we are waiting for, because most of us have investments in alts than Bitcoin, so when it's happened we will take huge profits.

[MrSpasybo]

Is this a different one than the one that happened just a few days ago? I remember that you wrote something quite similar to this just a few days ago, so I feel like its not going to really end up being all that different on this one neither. People are reacting to meme projects ups and downs and I got used to it a bit, but now we are talking about every single big movement that happens with it as well? Hell I am the one in the wrong here, if I do not care about such a horrible meme project, why am I even here judging people who talk about it or care about it? I obviously am writing about it too, we should all stop and ignore it.

A few days ago, there was only event of whales withdrawing 482B SHIB from Coinbase, this time it was suspected that whales were trying to erase their tracks to hide their plan to manipulate SHIB price chart. It's a little different so I decided to create another topic so we can see the new whale actions through Coinbase.

Unlike DOGE, SHIB is becoming the favorite memecoin and chosen by whales to manipulate to generate profits in the upcoming cycle. I wouldn't be surprised if in the next few weeks, SHIB will have a new ATH and get back into the memecoins race with DOGE.

[philipma1957]

Is this a different one than the one that happened just a few days ago? I remember that you wrote something quite similar to this just a few days ago, so I feel like its not going to really end up being all that different on this one neither. People are reacting to meme projects ups and downs and I got used to it a bit, but now we are talking about every single big movement that happens with it as well? Hell I am the one in the wrong here, if I do not care about such a horrible meme project, why am I even here judging people who talk about it or care about it? I obviously am writing about it too, we should all stop and ignore it.

A few days ago, there was only event of whales withdrawing 482B SHIB from Coinbase, this time it was suspected that whales were trying to erase their tracks to hide their plan to manipulate SHIB price chart. It's a little different so I decided to create another topic so we can see the new whale actions through Coinbase.

Unlike DOGE, SHIB is becoming the favorite memecoin and chosen by whales to manipulate to generate profits in the upcoming cycle. I wouldn't be surprised if in the next few weeks, SHIB will have a new ATH and get back into the memecoins race with DOGE.

it is easy to call doge just a meme coin, but it is a huge pow coin generates vast mining profit and in about 3 weeks when btc 1/2 s it will be more profitable in comparison to btc.

[MrSpasybo]

it is easy to call doge just a meme coin, but it is a huge pow coin generates vast mining profit and in about 3 weeks when btc 1/2 s it will be more profitable in comparison to btc.

I think DOGE has always been a memecoin, and it is the KING of memecoins! This is a recognition of DOGE's role in this crypto market.

Usually, altseason will come after BTC Halving and it is possible that DOGE's price performance will be greater than BTC. I don't have DOGE in my portfolio but I will always wish that DOGE investors will receive great profits like what happened in the bullruns of 2017 and 2021 

[milewilda]

it is easy to call doge just a meme coin, but it is a huge pow coin generates vast mining profit and in about 3 weeks when btc 1/2 s it will be more profitable in comparison to btc.

I think DOGE has always been a memecoin, and it is the KING of memecoins! This is a recognition of DOGE's role in this crypto market.

Usually, altseason will come after BTC Halving and it is possible that DOGE's price performance will be greater than BTC. I don't have DOGE in my portfolio but I will always wish that DOGE investors will receive great profits like what happened in the bullruns of 2017 and 2021 

Well we do have our own choices whether DOGE or SHIB or some other meme coins then we would really be having that personal choice on which its never been that shocking thing.
Going back into OP about those whales are trying out to cover up their traces then its their decisions on doing so on which we know that CEX could really be able to erase it up
but partitioning into different wallets could really be still seen and be monitored considering that coin holders could be seen but the good thing that once its been
that scattered then there's no way for people to find out on whose been owning those coins. It is really that totally that a huge amount we've been talking on here
and that whales does have the huge belief about SHIBs potential that even up to now he didnt still take his profits.

[MrSpasybo]

Well we do have our own choices whether DOGE or SHIB or some other meme coins then we would really be having that personal choice on which its never been that shocking thing.
Going back into OP about those whales are trying out to cover up their traces then its their decisions on doing so on which we know that CEX could really be able to erase it up
but partitioning into different wallets could really be still seen and be monitored considering that coin holders could be seen but the good thing that once its been
that scattered then there's no way for people to find out on whose been owning those coins. It is really that totally that a huge amount we've been talking on here
and that whales does have the huge belief about SHIBs potential that even up to now he didnt still take his profits.

By using fresh addresses, whales can cover up their token movement tracks, but they cannot erase them because all information can be traced on the blockchain, albeit not easily. These actions by the whales show that they are still optimistic about the potential of SHIB in this cycle, and we are still only in the early stages of the bull run, so I believe that we will not see whales cash out on the SHIB they have been accumulating for months. I think the sell-off will happen in late 2025, when the market will be really hot and investors will be extremely FOMO.