Shiba Inu Whales On Buying Spree, But SHIB Needs To Conquer This Price

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	14,732,021,832	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

14,732,021,832

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.000025	0.000025	0.000025

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.000025

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000025	0.000024	0.000025	0.000025	0.00000600 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000025

0.000024

0.000025

0.00000600 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:23:33	4,000,000.00	0.000025	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:23:33

4,000,000.00

0.000025

USD

Price x Volume	Volume	Base Symbol	Related Pairs
32,865,354.29	41,857,274,990.71	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

32,865,354.29

41,857,274,990.71

Shiba Inu Whales On Buying Spree, But SHIB Needs To Conquer This Price

21/03/2023 11:27am

NEWSBTC

The Shiba Inu price is currently trading in a downtrend channel, which has probably formed due to various reasons. While Bitcoin was able to expand its dominance in the crypto market to almost 46% in recent weeks, most altcoins are struggling. On top of that, the Shiba Inu community has been dealing with several major challenges lately. On the one hand, the beta launch of Shibarium was delayed, which has cooled down the hype around the project, and on the other hand, there have been numerous rumors about chaos within the Shibarium developer group and alleged plagiarism accusations. SHIB Whales On A Buying Spree All of this has not been very beneficial for the price recently. Nevertheless, two of the biggest Ethereum whales demonstrated their confidence in a rising SHIB price yesterday and took the opportunity to buy the dip. As reported by on-chain data analytics service WhaleStats, two high-profile ETH whales spent a combined $10.89 million on SHIB yesterday. According to WhaleStats, the first transaction was made by “Kvothe,” the 232nd largest ETH whale, who bought 899.99 billion worth of SHIB in a single transaction worth $9.61 million. Shortly after, the 254th largest ETH whale aka “BlueWhale0073” purchased 122.04 billion SHIB worth $1.28 million, as per transaction data on Etherscan. Related Reading: Shiba Inu Sees Outflow Of $270 Million From Crypto.com, Bullish Sign? In general, Ethereum whales are still extremely bullish on the Shiba Inu token, according to the data from the provider. Behind the two stablecoins USDC and USDT, SHIB is still the most popular altcoin among ETH whales. The top 500 ETH whales collectively hodl SHIB worth $606 million, followed by MATIC ($166.8 million), BEST ($155.9 million), and Chainlink ($146.4 million). In total, SHIB accounts for a whopping 10% of the holdings of the 500 largest ETH whales. Shiba Inu Price Needs To Recapture This Level At press time, the SHIB price stood at $0.00001060 and remained in the downtrend channel that formed in early February. So far, Shiba Inu has not managed to break out of the channel, which would currently require a move above $0.000011. Related Reading: Shiba Inu Price Sits At Inflection Point As SHIB Burns Pick Up Again However, to confirm a reversal of the price trend, SHIB needs to break the 200-day Exponential Moving Average (EMA). In mid-January, SHIB bulls managed to cross above this line, which is used to indicate the long-term trend. The SHIB price broke the 200-day EMA to the downside on March 3 and has since failed to regain it. Currently, the 200-day EMA sits at $0.00001171 and can be identified as the most important level to confirm a breakout from the descending trend channel and a trend reversal. Featured image from Mike Doherty / Unsplash, chart from TradingView.com

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