The Shiba Inu has been in the headlines recently due to the release of the Shibarium upgrade teased by Shytoshi Kusama three days ago. However, things may not be so good outside the ecosystem. recently, Pope’s warning records several multi-billion SHIB transactions by Binance to unknown wallets.
This new transaction comes after Voyager altcoin transfer which included over 270 billion Shiba Inu coins worth over $3 million. This is especially unpleasant for investors as it could create a negative mood in the next few weeks.
🚨 499,999,677,307 #SHIB (6,054,996 USD) transferred from #Binance to unknown wallethttps://t.co/dXryRVbASQ
– Beware the Whale (@waspada_whale) February 3, 2023
Binance Transactions: For What?
According to Whale Alerts’ new tweetsthe transfer of 6.4 trillion SHIB occurred in 14 separate transfers with six transfers of SHIB 499 billion, two transfers of SHIB 450 million, and one transfer of SHIB 370 million.
However, since this is a transfer only, SHIB prices are not affected. But the situation is still seen by the community with trepidation. This isn’t the first transfer of meme coins this week.
Voyager transferred 270B $SHIB($3.2M) for #Coinbase, #Kraken and #BinanceUS 7 hours ago.
And still 6.8T $SHIB($82M) now.https://t.co/26spZXEvwU pic.twitter.com/iBojI3rb0W
— Lookonchain (@lookonchain) February 2, 2023
Voyager recently transferred 270 billion Shiba Inu which, if sold on the open market, could reduce the value of the token. If the transfer is just a transfer, the public must be sure that SHIB can last in the long term.
External And Internal Development Strengthens The Bull
As of now, the token is surrounded by hype around it Shibarium L2 scale solution and Additional FCF support from SHIB only this week. This will certainly have an impact on the price of SHIB, which represents an impressive 17.7%. optics on a weekly time frame.
Shiba Inu Transfer Will Not Interfere With SHIB Bulls
Shiba Inu’s current mega transfer to the exchange doesn’t seem to bother investors. As of the time of writing, the token is trading at $0.00001383, breaking above the current resistance at $0.00001226. This latest breakthrough could give bulls the push they need to consolidate and permanently flip this resistance to support.
However, the mega transfer situation cannot be taken lightly. Among the large transfers, the total amount of $ 77 million, if thrown in the market, can cause pain in all time frames.
SHIB total market cap at $7.5 billion on the weekly chart | Chart: TradingView.com
Image: DailyCoin
But today’s breakthrough is certainly welcome for the Shiba Inu cow. Hype plus real world utility for the token is keeping the current bullish momentum going. Short-term, investors and traders can confidently target the token’s resistance at $0.000014.
However, caution should also be exercised. With major cryptocurrencies slowing down after smashing through their respective resistances, the token may experience a slowdown in momentum. Investors and traders should consolidate first above $0.00001226 and then target $0.000014 in the long term.
Featured image by The Motley Fool