Shiba Inu Sees a Bounce Back as Whales Acquire 22 Billion Tokens

Shiba Inu

Shiba Inu (SHIB) has made a remarkable recovery from the recent crypto bearish sentiment, largely thanks to the actions of influential cryptocurrency whales. Nonetheless, the current price movement reflects a sense of indecision.

Shiba Inu, a meme coin, is gradually inching its way back towards a critical resistance level at $0.000007. It had fallen below this level on a Tuesday following a substantial market correction that affected various alternative cryptocurrencies.

However, the tide turned in favor of Shiba Inu after Arkham Intelligence, a reputable blockchain analytics agency, detected a substantial transaction on the blockchain on October 19, 2023. This transaction involved two massive transfers, totaling a staggering 22.38 billion SHIB tokens, and it unfolded within just ten minutes.

1- Whales Come to SHIB’s Rescue: Sustainable Uptrend?

Crypto whales have been actively involved in the market for over a year, and their accumulation of Shiba Inu (SHIB) tokens at 12:58 UTC on October 19 significantly boosted SHIB’s position, freeing it from the bearish trend. This positive change is reflected in key on-chain metrics, particularly a surge in token concentration.

Two transfers of 11.19 billion SHIB tokens occurring in quick succession every ten minutes have become a noticeable pattern in recent weeks. Prior to this, another Shiba Inu whale had also accumulated a substantial amount, amassing 4.5 trillion SHIB tokens. This move had a similarly positive impact on SHIB’s price on October 6 when the awakened whale invested $32 million in SHIB tokens at a rate of $0.000007227.

It is worth noting that Shiba Inu’s current market value is below this threshold. As of the latest available data, SHIB is trading at $0.00000695, displaying a 3.5% daily increase, according to CoinGecko. This puts the popular canine-themed cryptocurrency at a crucial juncture, where it needs to reclaim the significant resistance level at $0.000007 to secure a sustained breakout.

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While professional cryptocurrency traders remain cautious about making forecasts in the current market conditions, Shiba Inu’s growth is evident in the Shibarium ecosystem. The recently relaunched Shibarium L2 mainnet has seen a daily increase of 14.5% in the total value locked (TVL), as reported by the decentralized finance analysis platform DefiLlama.

At present, the Shibarium L2 network has a total of $0.66 million locked, with the MarsSwap decentralized application (dApp) dominating the DeFi space at 42.20%. Despite the success of L2, SHIB’s price now exhibits a negative correlation with Bitcoin (BTC), standing at -0.38. This implies that SHIB gains less from Bitcoin’s daily bullish movements.

Conclusion

Shiba Inu (SHIB) has demonstrated remarkable resilience and recovery in the face of recent crypto market challenges. The active participation of influential cryptocurrency whales played a pivotal role in helping SHIB regain its footing, pushing it toward the critical resistance level at $0.000007. The recent infusion of 22.38 billion SHIB tokens in just ten minutes, as detected by Arkham Intelligence, signifies renewed optimism in the SHIB community. While SHIB remains at a crossroads, with the need to secure the breakout above $0.000007, its positive indicators in on-chain metrics and the Shibarium ecosystem’s growth are noteworthy. The Shibarium L2 mainnet has seen a substantial rise in total value locked, reflecting the community’s continued support. However, it’s important to note that SHIB’s price dynamics now exhibit a negative correlation with Bitcoin, emphasizing its unique position in the crypto landscape. As the cryptocurrency market continues to evolve, Shiba Inu’s journey remains one to watch, with the actions of crypto whales and developments in the DeFi space shaping its future trajectory.

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Shiba Inu (SHIB) has made a remarkable recovery from the recent crypto bearish sentiment, largely thanks to the actions of influential cryptocurrency whales. Nonetheless, the current price movement reflects a sense of indecision. Shiba Inu, a meme coin, is gradually inching its way back towards a critical resistance level at…

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