Shiba Inu Price Explodes: Whale Activity Up 588% with 9 Trillion SHIB Transacted
SHIB has surged by 19% in the past 24 hours, with the Shiba Inu price reaching $0.00001337 as the crypto market recovers by 6% today.
The meme token remains down by 20% in a week, after yesterday amounted to on of the worst days in years for the cryptocurrency market.
SHIB is also down by 18% in a month, although the coin keeps a 39% gain in a year, despite the recent carnage.
And yesterday’s dip has led to a spike in large transactions, with whales seemingly taking advantage of heavily discounted prices to push SHIB back up.
After yesterday’s drama, SHIB’s indicators reveal that the coin is regaining strength after hitting a hard bottom.
Its RSI (purple) has bounced from 20 yesterday to just over 50 today, and while it has lost some recovery momentum it continues to look promising.
At the same time, its 30-period moving average (orange) is now ascending towards the 200-period average (blue), another sign of recovery.
It also seems that some traders have taken the opportunity to buy the dip, with data showing that large transactions – worth $100,000 or higher – have risen from a volume of 1.53 trillion SHIB yesterday to roughly 9 trillion SHIB today.
Some of these transactions likely relate to sales, yet they represent a big increase, and would indicate that some whales are now accumulating SHIB again.
This could help the meme token recover in the coming days and weeks, although we would need a wider macroeconomic recovery for things to improve in a more sustainable way.
#Bitcoin trades at $58,601, down over 14% for the week, as softer-than-expected US jobs and ISM data stoked fears of a US recession. The sell off provides another reminder that #BTC and #CRYPTO are risk assets that sit at the pointy end of the risk spectrum.
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