- SHIB experienced a price slump in the early hours of Monday amid investor interest.
- A SHIB whale transferred 100 billion SHIB tokens to Coinbase (NASDAQ:COIN) early Monday morning.
- The memecoin recovered from the slump to gain 6.4% a few hours later.
SHIB, the native cryptocurrency of the Shiba Inu ecosystem, experienced a price slump in the early hours of Monday, May 13, amid investor interest. Onchain data showed that a whale transferred 100 billion SHIB to Coinbase, one of the leading centralized exchanges (CEX).
The whale’s action attracted the interest of the memecoin’s community members, triggering speculations over the short-term impact of the transaction. Furthermore, the significant transfer added more energy to the already-existing bearish sentiment in the Shiba Inu community.
While the identified SHIB transfer to Coinbase does not necessarily indicate a sell transaction, the speculations around it stem from the current plunge in SHIB’s price. Users of the dog-themed memecoin appear to be pondering about the implications of this transfer.
It is essential to note that in many cases, crypto …
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