The Shiba Inu has soared with other cryptocurrencies as Bitcoin hit $22,000. Accordingly, SHIB rose 5.10% in the last 24 hours to reach $0.00001178. However, recent data reveals that Coinbase whales have a keen interest in the meme coin. Coinbase’s trade data shows that major wallets are accumulating SHIB and increasing their purchases. Here are the details…
Where is the Shiba Inu price headed?
Coinbase trading activity shows that the majority of investors are buying the Shiba Inu. As it is known, SHIB has recorded a 15% price increase since Monday. After that, it managed to trend once again on all social media platforms and especially Twitter. This is good news for the Shiba Inu, given that the prices of meme coins depend on hype. The altcoin trended on Twitter with 50,000 tweets. The Shiba Inu rose more than 15% on Monday. Also that day, it was trying to break the most critical resistance level at $0.00001215 on the daily chart. Meanwhile, it continued to be the hot topic of the crypto community on Twitter.
However, the Shiba Inu failed to convert the above-mentioned critical resistance level to support. Therefore, the price began to depreciate. The closest price level for SHIB to drop would be $0.00001121. A dip below this level could take the price as low as $0.00000902. It looks like SHIB is preparing for a breakout with a possible drop below the aforementioned critical support level. This downside break is likely to take the Shiba Inu price to the bottom. At the time of this writing, SHIB was trading at $0.00001178, up 5.10% in the last 24 hours. Meme coin continues to trend with 50,000 shares in Twitter’s digital assets category.
SHIB positions of Coinbase whales
Leading American cryptocurrency exchange Coinbase is revealing interesting buying data. Accordingly, the largest cryptocurrency wallets on the exchange are increasing their purchases of Shiba Inu. According to the data, more investors are buying SHIB in the last 24 hours. Also, 83% of users of the Coinbase exchange have increased their net long positions in the past 24 hours. According to Coinbase, the increase in purchasing activity reveals that the meme coin is gaining popularity. With the bullish trend in the general cryptocurrency market, BTC hit $22,000. However, the popular altcoin MATIC was the best performing cryptocurrency last week. It is quite normal that the value of SHIB has also increased, as prices have generally risen in the market. Considering the robust community behind it, there’s a good chance that the price surge was reflected on Twitter. As we’ve reported at Kriptokoin.com, the Shiba Inu community is trending on Twitter for every cryptocurrency-related development.
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