Shiba Inu: Could SHIB rally amid $195.1M whale action?

  • Large transaction volumes have soared by 2004% in the past 24 hours.
  • Currently, 67.16% of top traders hold long positions, while 32.84% hold short positions.

Even though Shiba Inu [SHIB] experienced a significant drop in value over the last 24 hours, it maintains a positive outlook and seems ready to surge upward.

Right now, the market is undergoing strong selling trends as a result of yesterday’s dramatic drop, causing prices of cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH], along with other digital assets, to decrease noticeably.

Whale moves 8.18 trillion SHIB 

On January 3rd, 2024, SHIB exited a strong double-bottom formation marked by a bullish trend, later moving into a period of price stability.

For approximately three days, there was an ongoing consolidation period. During this timeframe, there was a possibility of a whale moving a substantial amount of 8,180,000,000,000 SHIB coins, equivalent to $195.1 million, from CryptoCom exchange accounts to a digital wallet.

As an analyst, I observed that during a period when the broader market displayed consistent upward trajectory and stability, this specific transaction took place.

After the U.S. stock market’s opening, the Institute for Supply Management (ISM) published a report that led to a general shift in the market towards pessimism.

Or simply:

Following the U.S. market’s opening, an ISM report caused the overall market to become bearish.

In the midst of the current market slump, Shiba Inu (SHIB) slipped out of its three-day holding pattern and plummeted by more than 14.5%.

Whales’ recent activity 

During the recent drop in prices, it seems that retailers are offloading their assets, whereas long-term investors appear to be buying more.

According to data from IntoTheBlock, a company specializing in blockchain analysis, there’s been an astounding 2004% increase in large transactions over the last 24 hours. This surge suggests that whales, investors, and long-term holders are actively participating in the market.

Simultaneously, another data analysis company, Coinglass, disclosed that a total value of approximately $7.04 million in SHIB tokens was withdrawn from various exchanges during the same timeframe.

The data indicates a possible buildup of the memecoin, given that its price fell over 10% which may have drawn in investors and long-term holders.

Traders’ strong bets on long 

Beyond whales, investors, and long-term supporters, it seems that traders are expressing increased optimism towards this memecoin as well. The Long/Short Ratio for SHIB on Coinglass has climbed to 2.04, which is the highest since early 2025, suggesting a robust bullish sentiment among traders, signaling a strong bias towards buying rather than selling.

At the moment, a large majority (about 67%) of leading traders are invested in buying positions, while slightly less than that (around 33%) are in selling positions. This suggests an optimistic or ‘bullish’ perspective among top traders.

 

By taking into account all these on-chain indicators, it seems that at present, buyers (bulls) have control over the Shiba Inu asset and may potentially trigger an increase in its price in the near future.

Shiba Inu’s technical analysis and key levels

As a cryptocurrency investor, I’ve noticed that due to the recent downturn, Shiba Inu (SHIB) seems to have reached a significant horizontal support line based on AMBCrypto’s technical analysis. Additionally, it has aligned with the 200 Exponential Moving Average (EMA) on a daily chart timeframe, which could potentially signal a potential reversal in its price trend.

This positioning makes SHIB optimistic for potential upside momentum.

Given the current price trend, if Shiba Inu (SHIB) manages to stay above its 200 Exponential Moving Average (EMA), it’s quite likely that it might surge by around 80% to hit approximately $0.00003939 in the coming days. This climb will necessitate some time and a degree of patience.

Currently, Shiba Inu (SHIB) is being exchanged at approximately 0.0000217 USD, marking a decrease of more than 10% in its value during the last 24 hours.

During that stretch, I noticed a significant jump in the trading volume of this cryptocurrency, soaring by an impressive 80%. This surge suggests increased interest from fellow traders and investors, as opposed to the levels we saw yesterday.

Read More

2025-01-08 21:12