Shiba Inu Faces Massive Sell Pressure As Whales Move 4.29 Trillion SHIB To Coinbase

On-chain Data Suggests Massive Sell Pressure For SHIB

Shiba Inu wasn’t left out of these price declines, as price action shows the crypto’s price dropping as high as 10% yesterday. In a recent social media post by OnchainDataNerd, the large transaction monitor noted a deposit of 4.29 trillion SHIB tokens into Coinbase by 10 whale wallets. At the time of transfer, these tokens were worth around $97.33 million. The huge transfer to Coinbase means the whales now have a convenient way to offload their holdings, which could introduce new selling pressure to the market.

OnchainDataNerd also pointed out that the transaction pattern from these whale wallets might indicate that they are under the same entity’s control. The tokens were accumulated in two different periods in September 2021 and March 2024, with an average entry price of $0.00001309. With SHIB now trading well above $0.000022, a total selloff of the tokens would generate a $41.22 million profit for the whale(s).

5 hour ago, 10 wallets deposited 4.29T $SHIB (~$97.33M) to #Coinbase

10 above wallets have the same movements: ✅Those $SHIB were accumulated in 2 different times: Sept 2021 and March 2024 ✅The avg entry is $0.00001309 👉 the profit will be $41.22M if sold all at current price pic.twitter.com/CYsMhYkgfc

— The Data Nerd (@OnchainDataNerd) June 11, 2024

Shiba Inu Price Needs Buyers To Rebound

At the time of writing, SHIB is trading at $0.00002217 and is down by 15.10% in the past seven days. The cryptocurrency has tested support at $0.00002117 two times in the past 24 hours and is at risk of a further decline in the midst of selling pressure. For the Shiba Inu price to rebound in the face of massive selling pressure, there needs to be enough buyers to absorb the excess supply.