The SHIB Community Baffled by Binance’s 6.4T Shiba Inu Transfer
Recently SHIB has been attracting attention as the launch of the Shibarium upgrade was ridiculed by Shytoshi Kusama three days ago. Although, things might not appear to be optimistic outside the ecosystem.
Whale alerts indicated that various multi-billion Shiba Inu exchanges by Binance to an unidentified account. These recent exchanges followed after Voyager’s virtual digital asset transfers that comprised more than 270 billion SHIB stablecoins worth more than three million dollars.
This action is particularly uncomfortable for traders and investors as this could create a negative cloud in a fortnight. According to tweets by Whale Alerts, the 6.4 trillion Shiba Inu exchange took place in fourteen different exchanges with six 499 billion Shiba Inu transfers, a single 370 million Shiba Inu transfers, and two 450 million Shiba Inu transfers.
Although these are only exchanges, the value of Shiba Inu has not been impacted. However, it is still a phenomenon the community seeks with anxiety. This transaction is not the first exchange this week of massive volumes of the meme coin.
Recently, Voyager exchanged 270 billion SHIB, which, if distributed to the open market, could exert downward pressure on the meme coin value. However, if the exchanges are just transfers, the community should know that Shiba Inu can hold out in the long run.
Internal and External Upgrades Empower Bulls
Currently, the virtual crypto asset has attracted attention around its Shibarium L2 scaling solution and FCF’s added assistance of Shiba Inu just this week. This event will eventually impact Shiba Inu’s value, which indicates a remarkable 17.7 % improved performance in the weekly time frame.
The recent major transfers of SHIB to exchanges appear not to upset traders and investors. As of the time of publishing, the token is exchanging hands at 0.00001383 dollars, a point above its current resistance at 0.00001226 dollars. This most recent achievement can issue the bulls a necessary push to combine and permanently overturn this resistance to support.
SHIB Transfers Should Not Bother Shiba Inu Bulls
Although, the phenomena of the major exchanges should be addressed. Cutting across both large transfers, it is responsible for a total of seventy-seven million which, if sold to the open market, could create more pain in all time frames.
However, the recent achievement is welcome for SHIB bulls. The attention and real-time utility of the meme coin fosters the recent bullish momentum. Short-term traders and investors could aim for the meme coin’s 0.000014 resistance.
Regardless, caution should always be practiced; with major virtual digital assets slowing down in momentum after hitting through their respective resistances, the meme coin might also experience a downtrend momentum. Therefore, traders and investors should consolidate above 0.00001226 dollars and aim at 0.000014 dollars in the long run.
Initial Coin in the Hands of Long-Term Investors
According to current on-chain data, BTC holds 78% of the cumulative total circulating distribution, the highest level the metric has ever witnessed. As a result, the LTHs have often termed the diamond hands of the BTC market as they attempt to keep their assets dormant for an extended period.
A recent analysis indicates that there has been a changing shift towards a HODLing conception amidst BTC traders and investors. The total BTC distribution percentage has only continued to increase for a few years.