Shiba Inu In Danger Of Significant Sell Pressure Despite 588% Surge In Large Transactions
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Shiba Inu (SHIB) is currently at risk of experiencing significant selling pressure due to the bankrupt crypto firm Genesis Trading. Despite a 588% surge in large transactions, which is generally considered a bullish sign, SHIB's market stability is under threat due to Genesis Trading's financial woes.
The data driving these concerns come from Arkham Intelligence, an on-chain analytics platform. Insights from this platform highlight the potential implications of Genesis Trading's situation on SHIB's market performance.
Amidst these worrying signs, the surge in large transactions shows that there is still considerable interest in SHIB. The outcome for SHIB will largely depend on whether the market can absorb the potential sell-off from Genesis Trading, which could otherwise undermine the bullish trend.
Investors and market watchers are now keenly observing how this situation will unfold, particularly given the conflicting signals of large transaction volume and impending sell pressure.
Source: bitcoinist.com ↗
