Whale Activity with Shiba Inu Tokens (SHIB) Raises Investors’ Interest as $99 Million Worth of Tokens Are Moved to a New Wallet

The movement happened at a period of market consolidation, leaving many wondering how SHIB price would react.

A massive transaction of 4 trillion Shiba Inu (SHIB) tokens valued at $99 million has sparked interest among investors, as the cryptocurrency continues to navigate a period of market consolidation.

According to on-chain data analysis by WuBlock, the large SHIB transaction occurred on Friday. The tokens, valued at $99.04 million at the time of transfer, were moved from one wallet address ‘0x42219' to another ‘0x633be.'

This transaction comes into focus as SHIB experiences a 5% price decrease in the last 24 hours.

The sending address ‘0x42219' is notably one of the largest SHIB token holders.

After Friday's huge transaction, the address still contains over 7 trillion SHIB tokens, or 0.7302% of the total supply.

Meanwhile, the receiving wallet ‘0x633be' is relatively new with only two transactions. The first transaction is a test transaction of 100,000 SHIB a few hours prior.

As of now, the receiving wallet is observed to be holding 4 trillion SHIB tokens.

Further investigation reveals that both addresses are linked to BitGo, a digital asset management company.

This suggests that the large SHIB transaction is likely an internal fund transfer, rather than an external purchase or sale.

Shiba Inu Experiences Market Correction After Weekly Rally

Shiba Inu (SHIB) has faced a retraction in its price movement over the last 24 hours, dipping by 5%.

At the time of writing, SHIB is trading at $0.0000243, which marks a 24.25% decrease from the weekly high of $0.00002943, attained on November 12.

This price decline follows a bullish trading week, where SHIB experienced a 28% rally starting at $0.00001926.

Despite the ongoing correction, there is confidence in the market regarding Shiba Inu. Some analysts suggest that this decline is due to profit taking and further market consolidation, rather than any issues related to SHIB itself.

In addition, optimism within the Shiba Inu ecosystem remains intact, with other members expecting the token to increase in value.

According to Lucie, the marketing lead for Shiba Inu, an attempt at reaching $0.00006861 could be made during the next surge. Achieving this price would be 190% up from its present trading price of $0.00002368.

Projections of this nature have led to prospects on how the SHIB token can overcome its resistance levels. Despite the current correction, various indicators have emerged to reverse the short-term trend preserving the bulls’ interest among traders and investors.

Technical Analysis Points to Continued Volatility

A technical analysis of Shiba Inu's price movements reveals that the token is approaching extremely high volatility.

The Relative Strength Index (RSI) has pulled back from the extreme overbought territory, indicating a period of consolidation. However, the fact that SHIB manages to stay above the weekly low suggests support and could push up again.

Moreover, the Bull-Bear Power (BBP) signal has a negative inclination over the periods, indicating bearishness in the market.

Nonetheless, a current price bounce means there is emerging buying activity as SHIB bounces back from a particular low to mean that it might further go up if support levels are strong.