Shiba Inu, the dog-themed meme coin that captivated the crypto world this year, has encountered a potentially ominous development. Over the past two weeks, a staggering 4 trillion SHIB tokens, valued at approximately $103 million, have been transferred to exchanges. This significant movement has sparked concerns about a potential price decline, raising questions about whether the Shiba Inu bull run has reached its peak.

While the increased on-chain activity suggests heightened interest in the asset, it also raises the possibility of widespread profit-taking. This is particularly concerning given the token’s struggle to maintain its position near the $0.000035 bull cycle peak witnessed in March.

Crypto analyst Ali Martinez, who initially reported the massive token transfer, highlighted the potential for a bearish shift. The annual chart reveals a substantial 207% upswing for SHIB, and the recent movement of tokens to exchanges could indicate investors cashing in on their gains.

Further fueling bearish sentiment is the token’s current price action. After starting the year around $0.000009, SHIB surged to a remarkable $0.000035 before gradually declining to its current level of $0.000025. Should the tokens transferred to exchanges be sold, Shiba Inu could face significant selling pressure, potentially pushing its price even lower.

However, a recent analysis by CoinGape Media identified a crucial support level at $0.000025, offering a glimmer of hope for Shiba Inu investors. A breach of this support could signify a bearish trend if significant selling pressure materializes. Conversely, sustained bullish momentum could propel the token towards the key resistance point of $0.000029.

As of writing, Shiba Inu’s price has dipped 1.60% in the past 24 hours, trading at $0.00002595. Despite a surge in the burning rate, the token remains in the red, and the Relative Strength Index (RSI) hovers around 56, indicating a neutral territory.

The future of Shiba Inu’s price remains uncertain, with both bulls and bears vying for control. The significant movement of tokens to exchanges adds another layer of complexity to the situation, leaving investors cautiously optimistic about the meme coin’s trajectory.

By Alex Wheeler

Alex is a lead writer at AltcoinsAnalysis, bringing the audience all leading developments in the blockchain industry and the latest trends in the cryptocurrency market.