In a surprising twist of events, Shiba Inu saw a significant price increase, surpassing a key resistance level at $0.00002315. However, a massive 211 billion SHIB coins were suddenly transferred to Coinbase, raising doubts about the future price direction.

Despite recent positive price movements for Shiba Inu, a substantial amount of SHIB was unloaded onto Coinbase, a major cryptocurrency exchange. This sudden move has caused a wave of negative sentiment among investors regarding this popular dog-themed meme token.

Shiba Inu, known as the "Dogecoin killer," faced significant sell-offs on May 4, leading to concerns among investors about the coin's future price trends. Analyzing the current on-chain data and price action reveals a bearish atmosphere surrounding Shiba Inu, despite its recent price surge.

Wallets Transfer 211 Billion Coins to Coinbase, Fueling Negative Sentiments

According to data from the on-chain analytics platform 'The Data Nerd,' a total of 211 billion SHIB coins were sent to Coinbase in the last 24 hours. Two wallets, identified by the addresses '0x6a43..' and '0xef01,' collectively moved this substantial amount of SHIB, valued at $5.16 million.

This significant transfer has sparked pessimism among investors, as the wallets seem to have a bearish outlook on SHIB's price trajectory, despite its recent gains. The recent breach of the crucial resistance level at $0.00002315 may have prompted these wallets to offload such a large quantity of SHIB, possibly for profit-taking purposes. This development has intensified negative sentiments surrounding Shiba Inu, with conflicting opinions emerging from on-chain and whale data in the broader crypto market.

Shiba Inu Price Rise Brings Hope to Investors

Currently, the price of the Shiba Inu token has increased by 6.95% in the last 24 hours, reaching $0.00002481. SHIB's market capitalization has also surged by 6.98%, with a 7.55% rise in derivatives volume. These indicators suggest a presence of buying pressure in the market, while Coinglass reported a significant 12.66% increase in the token's open interest, totaling $64.54 million.

Despite the significant sell-offs, market data has cast a speculative shadow over the token. However, recent developments such as the Bor and Heimdall hard fork by Shiba Inu, aimed at enhancing block processing and transaction fees on Shibarium, have generated optimism about the coin's future. Additionally, reports of whale activity on the token hint at potential price increases for Shiba Inu in the coming days.

Overall, the data suggests that SHIB still holds promise for investors in the long term, although short-term volatility is expected. The anticipation of a post-BTC halving rally, where altcoins follow BTC's upward trend, sets the stage for potential gains for Shiba Inu in the future.