Shiba Inu [SHIB] traders crank up bets on bulls but here’s the catch
Strength and growth can only be achieved through perseverance and struggle. If you thought this is valid only for ‘self-help’ work, you are mistaken. The financial market’s bulls follow the same strategy.
As the entire crypto-market wrestled to embrace friction, Shiba Inu [SHIB] recorded 18.19% gains over the last seven days.
Trading ‘breakouts’ is every trader’s wish. However, the task of identifying real breakouts could feel like a maze. Even so, many SHIB intraday traders were able to reap profits after the meme coin broke out of its near-term supply zone of $0.00000885 on 21 June. In fact, the large transactions of Shiba Inu’s ecosystem rose by 888% on 20 June.
Notably, the increase in large transactions doesn’t assert that people are buying SHIB. But, a look at its price action can give us more clarity.
After there was an unprecedented increase in the count of large transactions, SHIB went up the chart on a lower timeframe. Now, large transaction surges are usually linked to increased activity from whales. This implicitly shows that the whales have been buying SHIB at a discounted price.
Source: IntoTheBlock
Looking at the on-chain metrics, one can understand that the meme coin is trying to gather strength independently. Consider this – Its correlation with the king coin fell sharply from 0.9 to rest at 0.8 on 22 June.
Source: IntoTheBlock
Furthermore, an analysis of the top-100 Shiba Inu holders shows a 16.67% spike in active addresses. After 20 June, the number of active addresses increased only to decline later. Consequently, on 22 June, only 4.5k addresses were active.
Interestingly, 21 June saw a total of 2.2k new addresses being registered on the Shiba Inu network.
Source: IntoTheBlock
While the mood of the general
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