Whale Buys 583 Billion SHIB as Shiba Inu Hits $0.000015: Price Prediction
The price of Shiba Inu has dropped by 8% in the past 24 hours, slumping to $0.00001528 as the entire crypto market suffers a bearish selloff today.
SHIB has now lost 10% in a week and 36% in the last 30 days, with the meme token just about holding onto a 100% gain in a year.
Today’s downturn appears to have provided investors with a prime opportunity to buy the dip, with one whale purchasing 583 billion SHIB – worth nearly $10 million – in the past 24 hours.
And given how much the market has now oversold Shiba Inu in recent weeks, now may be a great time to buy the token before it rebounds.
Shiba Inu’s chart shows that the meme coin has more or less hit rock bottom, with its indicators all in positions that usually precede a rebound.
Most notably, its relative strength index (purple) has fallen to 25 this morning, putting it firmly in oversold territory.
Much the same goes for its 30-day moving average (orange), which has fallen to a new low relative to the 200-day (blue).
As with the RSI, the 30-day’s plunge to such a level normally comes right before a rise, so anyone looking to buy the dip would probably do well to buy it now.
Of course, there’s a possibility that the Shiba Inu price could fall a little further before correcting itself, in light of the factor’s involved in today’s market-wide crash.
Mt Gox activating their wallets finally for repayments. Stay safe $BTC pic.twitter.com/SjST18kgoP
— Block_Diversity v.8 ™️ (@i_bot404) July 4, 2024
The German government has moved as much as $175 million in BTC to addresses in the past few hours, preparing for a likely sale.
On top of this, wallets belonging to Mt. Gox trustees have also activated in the past day, which again appears to be a prelude to a big BTC selloff.
This is why
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