An unidentified whale halted the bullish uptrend of Shiba Inu by dumping a mammoth 199B tokens to a crypto exchange yesterday.

Shiba Inu, the popular dog-themed meme coin has shifted from being stable in its upward bullish uptrend to the red danger mark of being a volatile cryptocurrency.

This major shift occurred when a whale seeing the upward bullish run of SHIB dumped a colossal quantity of 199B SHIB tokens to the world’s largest crypto exchange, Coinbase.

 Shiba Inu: Whale Action Marked by Profit?

Market Analysts are seeing this move as a simple action of making a profit capitalizing on the uptrend prices of SHIB. The whale with the crypto wallet ox5411 did this dump to earn profits. The estimated profit realized by the whale is $3.2 million.

Shiba Inu (SHIB) has seen a whale transfer a massive 199 billion SHIB to Coinbase. This move comes as Shiba Inu’s price re-enters the red following significant gains.#shibainu #tokens #coinbase #trading #market #shib #cryptostan #thecryptocountry pic.twitter.com/S8RPKzGmhq

— Cryptostan.official (@The_Cryptostan) May 17, 2024

This move done by the ox5411 wallet is a classic example of profit trading. The market sentiment, however, didn’t agree with this trade sentiment.

Markets took a complete u-turn from the bullish uptrend to the bearish red mark downturn path. With this action, investors are pressured into selling their SHIB coins.

Shiba Inu: Sell or Hold?

 SHIB’s price has slipped 2.60% in the past 24 hours and is currently trading at $0.00002445, inline with the massive Shib tokens dump.

 Further data revealed a 4.89% fall in SHIB’s open interest, reaching $73.43 million, followed by a derivatives volume decrease of 44.25% to $178.04 million.

Clearly, the figures point to the bearish behavior of the crypto exchange triggering reduced market activity and investor interest.

Market trading factors such as the global web icon Relative Strength Index (RSI) indicator continued to move around 51, hinting a positive momentum is still prevalent for SHIB trading.

Shiba Inu: Volatility Ending Soon?

With a positive RSI figure, market traders are predicting a waning price trajectory for Shib. Secondly, SHIB assets are neither overbought nor oversold in trading currently after the whale impact.

Remember, Shiba Inu tokens are burnt on every transaction. If other long-term bullish prospects aid Shiba Inu, the market will regain its bullish uptrend.

Crypto markets are in continuous flux due to numerous factors. One should do their own research before investing.

Also Read: SHIB’s 3 Million New Coins Turning Market Volatile