BONE and LEASH from the Shiba Inu (SHIB) ecosystem have been gaining upward momentum lately. BONE, which traded under $0.5 last month, was above $1 for a long time this week. In just 30 trading days, BONE doubled its price despite a pullback to the market. This month alone, it has gained about 56%. So why are Shiba’s ecosystem tokens rising?
Gate.io listing was the driving force of the latest rally
BONE came into limelight after Gate.io tweeted about the listing if it got the highest votes. Shiba Inu’s ecosystem token battled a number of tokens to win the vote. Gate.io’s tweet about the ‘voting’ was shared on Twitter by ShibaSwap lead developer Shytoshi Kusama. Shytoshi urged the SHIB community to rally behind Bone and help him win the roster. The tweet went widely on social media. Thousands of local and foreign people voted for Gate.io to list BONE token.
Well… looks like $BONE woke up. #SHIB #SHIBARIUM #SHIBARMY
— Shytoshi Kusama™ (@ShytoshiKusama) August 4, 2022
Whales back price rally with million-dollar purchases
Gaining momentum with the BONE and LEASH rally, Shiba witnessed an increasing number of whale transactions. WhaleStats recently reported the 395th largest ETH whale million transactions named “BlueWhale0113”. BlueWhale0113 acquired $312.28 billion worth $3.72 million in a significant transaction.
https://twitter.com/WhaleStats/status/1556933776864907264
On August 5 (Friday), “BlueWhale0113” purchased 31,995,229,562 (31.99 billion) Shiba for $387,782 in 7 separate transactions, Etherscan.io reported. The largest ETH whale currently holds a total of 516.29 billion Shiba worth $6.12 million in its wallet.
Before moving on to technical analysis, you can take a look at the latest developments from Shiba’s new game, Shiba Eternity, which we have transferred as Kriptokoin.com.
Indicator shows whales officially holding SHIB price
As we touched on above, SHIB and ecosystem tokens maintain their bullish outlook predicted in previous views. Meanwhile, the total number of transactions on DEXs has decreased by 40% relative to the SHIB price in the last 24 hours. Thus, on-chain metrics yield surprising results. CryptoQuant DEX Trades Analyzer reported a 40% drop in SHIB transactions across all DEXs over the past 24 hours. In theory, fewer trades indicate more hodlers in the market, and more hodlers will translate into smart money confidence in future bullish targets.
What does technical analysis say for SHIB?
Shiba Inu price is currently trading at $0.00001195. The meme token remains on the list of investors for potential opportunities. A volatile rise towards $0.00001300 will be a major catalyst for higher targets, according to analysts. The invalidation of the uptrend will be confirmed once SHIB drops to $0.00001150.
On the other hand, technical analysis shows that SHIB is ready for an exit. This momentum will show itself in the coming days or weeks. Analyst Zabi used to mark an ascending triangle formation forming on the SHIB chart in the most recent analysis. Such tight consolidation above the 20-EMA following the formation usually indicates strong buying pressure around the SHIB.
All in all, breaking the first critical resistance at $0.00002180 will mean 100% bullish for Shiba, according to Zabi. However, this positive outlook will be invalidated if SHIB dips below $0.00000717. Current support levels to watch on the daily chart are $0.00000983 and $0.00000717.
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