Shiba Inu Holds Strong Near Support With Weekly $270 Million Whale Transactions: What’s Next For SHIB Price?
Release: 2023/10/28 06:00 Reading: 604
The post Shiba Inu Holds Strong Near Support With Weekly $270 Million Whale Transactions: What’s Next For SHIB Price? appeared first on Coinpedia Fintech News
In recent days, the market for memecoins has surged due to increased interest from whale investors attracted to its high upward volatility. Prominent memecoins such as Pepe and Floki Inu have seen their values skyrocket, nearly doubling within just a week. Shiba Inu has also experienced a surge, with significant trading activity from whale investors, as indicated by on-chain data. This momentum has strengthened buyers to effectively counter bearish trends, maintaining the price above key support levels.
Shiba Inu’s Whale Activity Surged This Week
Shiba Inu is on a milestone rally this week, achieving multiple records as the coin experiences a bullish surge alongside the market. Moreover, its Shibarium network is now witnessing increased activity in recent days. Notably, Shibarium touched 3.5 million transactions in just two months since its inception.
This was obtained after an extraordinary rise in transaction volume, soaring from 12,690 to 62,669 — a massive 493% rise within a single day. This spike was in sync with a boost in Shiba Inu’s value, which experienced an increase of over 16% this week.
IntoTheBlock data suggests a sharp increase in whale transactions this week as it touched $274 million. Moreover, in the last three months, Shiba Inu whales accumulated an impressive $300 million worth of SHIB tokens, taking a bullish view on SHIB. This pattern indicates that when these major investors increase their SHIB holdings, the price tends to respond positively.
Despite the significant surge in value, only 17% of SHIB holders are in profit. About 79% or 1 million addresses are in loss, and 4% are at a breakeven point. This rising number of loss-facing holders could be a bearish sign, as some may sell during another surge to recover their losses, potentially creating a selling pressure.
What’s Next For SHIB Price?
Shiba Inu’s recent rally encountered strong selling pressure around the $0.00000825 mark, and several buyers exited the market with a profit. However, on the bearish side, bulls defended the $0.0000075 level strongly, and the SHIB price is now preparing to test its upcoming resistance. As of writing, SHIB price trades at $0.0000078, declining over 1.5% from yesterday’s rate.
In the short term, the SHIB price might undergo a period of correction or consolidation. If the price manages to hold its ground without significant losses near $0.0000075, it would indicate that bullish investors are not rushing to exit their positions. This, in turn, could increase the likelihood of a rebound and a retest of $0.0000082 resistance. Success in this will push the price toward $0.0000087.
However, bears might get the attention if SHIB drops below $0.0000075. If this happens, SHIB’s price might decline heavily and consolidate within a bearish region of $0.000007-$0.0000066.
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