In the past hours, several huge altcoin whales have made massive buys focused on specific coins. As prices continue to rise, whales are quick to take profits from Binance and Uniswap.
Whales buying millions of altcoins ‘sell quickly’ as prices rise
The cryptocurrency market has seen a marked rise in volume and price over the past 24 hours. This momentum has been reason enough to trigger profit buying by crypto whales. Data provided by Etherscan shows that in the past hour, several wallets have transferred nearly six billion SHIB to two major crypto exchanges, Binance and Uniswap.
With prices rising, whales continue to buy and sell SHIB. According to transaction data, 6 billion SHIB were transferred to Uniswap in four different transactions. The largest of these transactions carried 2,208,284,207 and 1,472,189,471 Shiba Inu.
3.1 trillion SHIB at risk
Aside from the selling pressure caused by the whales, the bankrupt crypto company Voyager is about to sell a large amount of SHIB.
In a heated development, Binance’s US arm announced that it has canceled its agreement to acquire Voyager Digital. Besides this decision due to the challenging regulatory environment in the USA, the bankrupt company still has $260 million worth of altcoins in its wallet. Half of them are held in USDC. The other half stands in different stablecoins. Specifically, the company holds 3.1 trillion Shiba Inu worth $32 million. Currently, it is completely uncertain whether these coins will be sold or not.
https://t.co/AZwoBOgsqS has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager.
While our hope throughout this process was to help Voyager's customers access their crypto in kind, the hostile and uncertain regulatory climate…
— Binance.US 🇺🇸 (@BinanceUS) April 25, 2023
How about the SHIB price? Altcoin bulls are struggling to hold these levels
The Shiba Inu has once again become the focus of investor attention with its recent explosive price movements. Currently trading at $0.0000106, SHIB is up around 5% over the last 24 hours.
However, the proximity of the intraday low to the 7-day low of $0.000001012 suggests that SHIB could face another support level if it continues to experience downward pressure. On the other hand, if the $0.00001037 resistance level is surpassed, the next resistance levels will be $0.00001052 and $0.00001073, respectively. This points to a potential uptrend for SHIB.
Finally, one of the most important catalysts behind the SHIB price will be Puppynet. cryptocoin.com As we reported, the beta version of Shiba called Puppynet was released on March 11th. It has since registered more than 14 million wallets linked to it. It has also remained active with more than 1,000 tokens recently launched.
