Shiba Inu whale transactions rose 85 percent overnight, showing an increase in large-volume transactions. Shiba Inu price started an uptrend as the broader crypto market recovered from the consolidation following the US CPI announcement. Analysts believe the Shiba Inu’s trend could reverse and wipe out recent gains. Here are the details…
Shiba Inu whales in action
Shiba Inu survived the last dive with an increase in whale activity. Large wallet transactions of $100,000 or more are associated with buying/selling by whales. It is often an indicator of volatility. Shiba Inu whales have stepped up their activity. Transactions worth $100,000 have increased 85% in the past day. Typically, large trading spikes are associated with asset price volatility. According to data from IntoTheBlock, large transactions have increased on the SHIB network.
Whales either buy or sell. According to the data, SHIB price is on a bullish or breakout point. Meme coin started to recover, gaining 7.68% along with Bitcoin and Ethereum. Based on data from WhaleStats, a crypto intelligence platform that analyzes the top 100 Shiba Inu owner wallets, there was a 33 percent increase in active addresses. Whale trading volume increased 28.41 percent, with a 50 percent increase in net flow. SHIB continues to occupy a preferred position in the top 100 cryptocurrencies held by Ethereum whales.
Shiba Inu price trend could reverse soon
As cryptokoin.com reported, the Dogecoin killer has reached a new milestone that represents an all-time high. 1,201,904 addresses now hold Shiba Inu after meme token reclaimed $0.0000010.
Analysts at FXStreet evaluated the SHIB price trend. He noted that the meme coin is sitting comfortably above the $0.0000095 support. The meme coin has a 200-day EMA support. The Fair Value Difference between $0.0000083 and $0.0000093 is very significant for the SHIB price. Analysts believe the Shiba Inu price can recover despite its fragility.
SHIB investors suffer from depreciation
Even though Ethereum whales still hold Shiba Inu assets, it still hasn’t helped the cryptocurrency’s price. SHIB, just like any other cryptocurrencies in space, suffered a massive drop in price last month and struggled to regain even some of its lost value. The result of this was huge losses among token holders.
Data from IntoTheBlock shows that the vast majority of SHIB investors are currently nursing losses. With only 24 percent of all investors in the profit zone, it has become one of the worst performing cryptocurrencies in the bear market. 72 percent of all investors are at a loss, most of them investors who hold their tokens for 1-12 months. Investors who see any gains are those who have held their tokens for more than a year.
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