Binance Transfers 137 Billion SHIB – What Does It Mean for Shiba Inu’s Price?

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

August 12, 2024

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Shiba Inu (SHIB) coin has continued its downward trend and is struggling to gain positive traction near the 0.00001404 level.

Since the start of the new week, it has lost momentum and hit an intraday low of 0.00001335. This decline can be attributed to the overall bearish sentiment in the cryptocurrency market, which has experienced increased selling pressure over the weekend.

This broader market weakness is evident in Bitcoin’s performance, which also dropped on the first day of the week.

On the other hand, Binance’s transfer of over 135 billion Shiba Inu (SHIB) tokens without an official statement could raise concerns among investors.

The decline in SHIB’s price on the day of the transfer suggests that the market is reacting cautiously to this large-scale redistribution of funds.

Binance’s SHIB Token Transfer and Its Limited Impact on Price Trends

Binance recently moved over 135 billion Shiba Inu (SHIB) tokens. This large transfer is likely a regular part of managing their funds rather than a sign of a major withdrawal.

Basically, Binance is reorganizing its SHIB holdings across different wallets. By redistributing these tokens, Binance can better manage liquidity, which means ensuring there is enough SHIB available for trading and other operations.

This helps maintain smooth transactions and efficient operations on their platform.

Binance’s transfer of over 135 billion SHIB tokens is likely a routine liquidity management strategy, not a major market event. This reorganization is expected to have minimal impact on SHIB’s price, as it’s part of normal operational procedures.

On the price front, SHIB has shown a slightly bullish trend following a prolonged uptrend, attempting to break through the 50 and 100-day exponential moving averages (EMAs).

However, despite this minor rise, the overall market sentiment remains bearish, making it challenging for SHIB to sustain its growth. Recent on-chain and exchange signals suggest that the current upward momentum may not be strong enough to shift the generally negative outlook for SHIB.

Shiba Inu Struggles Amid Bitcoin Decline and Market Downturn

Shiba Inu’s price has been losing momentum, reflecting bearish trends in the cryptocurrency market, especially the decline in Bitcoin’s value.

As Bitcoin dropped from $62,000 to below $58,000, Shiba Inu’s price followed suit, indicating a strong correlation with Bitcoin.

In the meantime, the trading volume for Shiba Inu has decreased to $321 million, which is relatively modest compared to its $8.2 billion market cap.

Furthermore, the futures market also reflects a downturn, with open interest falling from $53 million in July to $22 million in August.

Additionally, challenges within Shiba Inu’s ecosystem, such as low asset values and reduced Total Value Locked (TVL) on Shibaswap, contribute to its current struggles.

However, a falling wedge pattern on Shiba Inu’s weekly chart might signal a potential rebound if market conditions improve.

Shiba Inu (SHIB) Eyes Bullish Break Above $0.000014 Despite Key Resistance

Shiba Inu (SHIB) is currently showing a potential for a bullish continuation above the $0.000014 mark, supported by an upward trendline visible on the 4-hour chart.

This trendline signals to buy interest as it maintains its slope, suggesting that market sentiment might continue to favour the bulls if the price remains above this key level.

However, the 50-day Exponential Moving Average (EMA) is offering some resistance, which could act as a barrier to further gains.

Additionally, a triple top pattern around the $0.00001466 mark presents another layer of resistance, indicating that the bulls might struggle to break through this level without significant momentum.

Conclusion: The technical indicators suggest a cautious approach. A break above $0.000014002 could confirm a buying trend, but traders should be wary of potential resistance at $0.00001466.

Conversely, failure to hold above $0.000014002 could signal a reversal.

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