The official Twitter account of Shiba Inu (SHIB) sent a message to the community after the FTX crisis that marked this week. The project’s Twitter account said they will continue to stand by the community as the team continues to grow. On the other hand, the number of whales purchasing SHIB has increased. Here are the details…
“We are here” message from the SHIB team to the community
The Shiba Inu team appealed to the cryptocurrency market, which suffered from the FTX collapse. The reassuring message came amid the most devastating cryptocurrency crisis to date. The team envisions a “brighter future” where people can take advantage of new opportunities in decentralized finance. The collapse of FTX, one of the popular centralized cryptocurrency exchanges, turned attention to decentralized areas.
Dear ShibArmy,
We stand here with you as we continue to grow and work together for a brighter future in which decentralization and DeFi innovations create new opportunities for the people, and we invite every crypto community to join us in this effort.
— Shib (@Shibtoken) November 12, 2022
Even after the stock market crash, a Shiba Swap developer urged users to stop believing in centralized exchanges. “Remember that if you don’t have the private keys, you don’t have any cryptocurrency, even if you paid for it,” the developer wrote. As Cryptokoin.com reported, the market suffered devastating losses due to the bankruptcy of the FTX exchange. Bitcoin has fallen to its lowest level in two years.
I hope people do realize that they should stop putting their faith in centralized authorities. Remember if you don't hold the private keys it is not your crypto even if you paid for it. https://t.co/I40s9HMT39
— ShibDev4Evr (@kaaldhairya) November 10, 2022
SHIB’s market cap is currently well under $6 billion. The token fell 89.02 percent from its record level. Binance CEO Changpeng Zhao recently stated that the ongoing cryptocurrency crisis could potentially get worse. He predicted that some projects could potentially suffer the same fate as FTX. He compared the current turmoil to the global financial crisis of 2008. At the same time, analysts at banking giant JPMorgan see a glimmer of hope in the recent crisis. They predicted that the crisis could significantly accelerate the regulation of the cryptocurrency space.
Shiba Inu whales in action
Meanwhile, the Shiba Inu whales took action. Shiba Inu price action has been bearish for the majority of 2022 as the stronger dollar swayed the bulls from their positions. However, whales are keen to take SHIB from the lows of $0.000001000 and post some gains as price action corrects. According to Filip L., a cryptocurrency analyst, the 200-day Simple Moving Average (SMA) is behind SHIB’s failure to see any further gains on the upside.
According to the analyst, traders are facing a double top that has been rejected for two weeks without breaking. SHIB has been on the rise for several weeks. However, it closed below the 200-day SMA. Therefore, according to the analyst, this level is a force to be reckoned with. The key to unlocking the 200-day SMA comes from the dollar.
He expects the dollar to decline in line with more data from the US and FED decisions. He believes this will lead to more buyers and investors returning to the cryptocurrency space. If that happens, the 200-day SMA is likely to be broken. The analyst also states that the level to watch is $0.00001708, which is the lowest level of January.
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