Shiba Inu Whale moves 100 billion SHIB before FOMC, signals market stir

In a surprise move, a mysterious Shiba Inu whale deposited 100 billion SHIB tokens into Coinbase, coinciding with a significant price drop just ahead of the Federal Reserve’s pivotal rate decision. This action fueled market speculation about the whale’s strategy and possible impact on SHIB’s price.

Mysterious whale deposits massive SHIB cache on Coinbase ahead of critical FOMC meeting

In a recent report by U.Today, analytical data from Arkham Intelligence revealed an unusual development: a mysterious whale has surfaced, depositing an incredible 100 billion Shiba Inu tokens into the hot wallet of Coinbase, the largest cryptocurrency exchange in the United States.

According to on-chain data, the enigmatic entity known as “0x6d2” just withdrew a substantial $2.26 million in SHIB to a Coinbase-affiliated address.

Furthermore, this address actively collected Shiba Inu tokens from the exchange for the preceding week, amassing a whopping 105.57 billion SHIB before transferring back to Coinbase.

The timing of these maneuvers is particularly interesting, as they coincided with a more than 20% drop in the price of SHIB, which dropped the price to $0.00002057 per coin.

Adding to the excitement, this large SHIB deposit occurred shortly before the highly anticipated Federal Open Market Committee (FOMC) meeting. As market participants eagerly await the committee’s judgment on the United States. Given the Federal Reserve rate, the whale’s decision to deposit tokens on the exchange is interpreted as a potential sell signal.

Traditionally, investors liquidate their assets before significant economic disasters to reduce prospective losses. Despite widespread predictions of a rate cut by the Federal Reserve, market sentiment remains negative, forcing many to seek safety in cash. This led to a slump across many asset classes, including cryptocurrency.

As the FOMC meeting approaches, all eyes are on the outcome, hoping to learn more about the identity and motivations of this mysterious Shiba Inu whale.

Analyst predicts bullish turnaround for Shiba Inu amid market turbulence and rising transaction costs

Early this year’s report has Shiba Inu (SHIB) on the verge of a sell-off, with some of its most visible measures pointing to it. A top market analyst, Ali Martinez, predicted an exciting path for the meme coin. According to his recent clarification, SHIB could be preparing for a positive turnaround.

According to Ali Martinez, Shiba Inu is demonstrating a bullish trend on the daily charts. A bull flag formation is a continuation pattern between two significant price increases followed by a short consolidation period.

Shiba Inu broke through its bearish stalemate earlier this year, hitting a price as high as $0.000036 in March. However, the Shiba Inu trend has weakened due to broader market concerns. The spot Bitcoin ETF’s loss of inflow traction has affected altcoins like Shiba Inu.

Martinez’s bull flag formation suggested a more bullish sentiment. He said that he intends to place a buy order on the sign around $0.000018343, hoping for a bullish breakout that will push $SHIB to $0.000072323.

Shiba Inu is trading at $0.00002108, down 8.71% in 24 hours and up 22% in the past week. However, it remained high year-to-date (YTD), increasing by 11%. The current unfavorable market trend has contributed to the project’s attention turning away from the top ten ranking and towards survival. Despite the 500% increase in Shiba Inu transaction costs, the outlook for SHIB remained unchanged, with investors generally opting for safer bets.

With Shibarium serving as a significant utility and demand anchor, Shiba Inu community members remain optimistic about the possibility of an impending revival. Martinez’s cards can also improve sentiment, which pushes prices up in general.

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