"835 Billion Wallets Moved"...Has Shiba Inu (SHIB) Whale Dumping Begun?

▲ Shiba Inu (SHIB)

A Shiba Inu (SHIB) whale moved approximately 835 billion SHIB within 24 hours, once again increasing market volatility.

According to U.Today, a cryptocurrency specialized media outlet, on July 28 (local time), approximately 835 billion SHIB were moved from exchanges within the last 24 hours. Large wallets quickly reallocated their holdings even after the recent price breakout.

According to CryptoQuant exchange indicators, inflows exceeded 1.29 trillion SHIB. During the same period, outflows surpassed 771 billion SHIB. Net inflow was approximately 512 billion SHIB.

Exchange holdings slightly increased to approximately 86.8 trillion SHIB. Active addresses and active receiving addresses also showed a moderate increase. This trend suggests that network participation has not sharply contracted even after the recent surge.

The technical trend also fluctuated significantly. Shiba Inu broke through the 26-day and 50-day exponential moving averages and approached the 100-day exponential moving average of $0.00000503. However, it immediately encountered resistance. Selling pressure pulled the price down, forming a long upper wick on the chart.

Even after the decline, the price remained above the 26-day and 50-day exponential moving averages. The area where the two moving averages converge, from $0.00000445 to $0.00000448, serves as the first support level. U.Today suggested that recovering the 100-day exponential moving average based on the daily closing price is the next technical challenge.

[Article Key Summary]

-A Shiba Inu whale moved approximately 835 billion SHIB from exchanges within 24 hours.

-Net exchange inflow was approximately 512 billion SHIB, and holdings increased to approximately 86.8 trillion SHIB.

-Shiba Inu encountered resistance at the 100-day exponential moving average but maintained above its short-term support levels.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*