Shiba Inu (SHIB) has seen its price rise. decline in the middle of this week Most wider modifications Cryptocurrency. last 7 days It’s been a tough time for SHIB hodlers, the price is down more than 15% from $0.00003069, as the meme coin fell as low as 0.00002584 earlier in the week. However, the price drop appears to have created an opportunity for some large investors, known as whales, to purchase SHIB at a discount.
Some new SHIB whale accounts amassed 184 billion SHIB, worth about $4.9 million, on cryptocurrency exchanges Coinbase and Binance during the week, according to on-chain data.
New Whale Loading SHIB During Dip
Throughout its history, Shiba Inus have seen a steady increase in the number of whale wallets holding SHIB. The recent accumulation of three new wallets was documented on social media during this week by on-chain transaction tracker “The Data Nerd”. The shared screenshot shows two new wallets each acquiring $2 million worth of SHIB tokens from Coinbase. The last wallet accumulated $1 million worth of SHIB from Binance within 24 hours.
Wow 😳
its amazing
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Examination of these wallets shows that they still hold these tokens. Interestingly, the wallet was already profitable as the price of SHIB surged 2% in the last 24 hours.
Can a whale push a Shiba Inu to $0.00008?
whale Often drives price action. Sentiment in the cryptocurrency market. There is no denying that the Shiba Inu has been taking bearish price action since. A few weeks of optimistic behavior. In February and March. Present Data from IntoTheBlock Shows that SHIB whales are present now. trended downward The seven-day average is 117 bull whales, while the number of bear whales is 123.
SHIB market cap currently at $16 billion. Chart: TradingView.com
This momentum caused SHIB to trade between the $0.00002392 support and 0.00003308 resistance levels during this period. It bounced from support twice and rejected resistance twice. Referred to as cryptocurrency Analyst SHIB Knight.
However, recent purchases of new wallets and other bull whales have made some of them The current decline is temporary Prices will recover and rise again.
As of this writing, SHIB is trading at $0.00002736, down 23% from its highest point so far this bull market at $0.00003592. According to Crypto analyst Captain Faibik said a new technical pattern has emerged on the Shiba Inu price chart, which could see it reach between $0.00058 and $0.00062 in the second to third week of April.
A complete reversal of bullish momentum could lead Shiba Inu to push this price level above $0.00008. This is especially true as bullish activity returns among most whales.
Featured image from Pexels, chart from TradingView