- Shiba Inu whale transactions increased 85% overnight, indicating a spike in large volume transactions.
- As the broader crypto market recovered from the consolidation that followed the US CPI announcement, the Shiba Inu price started an uptrend.
- Analysts believe Shiba Inu’s trend could reverse, wiping out recent gains.
Shiba Inu recovered from the recent dip with a spike in whale activity. Large wallet transactions, $100,000 and higher, are associated with buying/ selling by whales and are typically indicative of volatility.
Shiba Inu whales are on the move
Shiba Inu whales increased their activity, and transactions worth $100,000 increased 85% over the past day. Typically, large transaction spikes are associated with asset price volatility. Based on data from IntoTheBlock, large transactions increased on the Shiba Inu network.
Whales are either buying or selling, and Shiba Inu price is at a make or break point. The meme coin started its recovery, posting 7.68% gains, alongside Bitcoin and Ethereum.
Based on data from WhaleStats, a crypto intelligence platform that analyzes the top 100 Shiba Inu holder wallets, there was a 33% increase in active addresses. Whale trading volume increased 28.41%, with a 50% spike in netflow. Shiba Inu enjoys a favored position in the top 100 cryptocurrencies held by Ethereum whales.
The Dogecoin-killer hit a new holder milestone, representing an all-time high. 1,201,904 addresses now hold Shiba Inu after the meme coin reclaimed $0.000010.
Shiba Inu price trend could reverse soon
Analysts at FXStreet have evaluated the Shiba Inu price trend and noted that the meme coin sits comfortably above support at $0.0000095. The meme coin has the support of the 200-day EMA. The Fair Value Gap from $0.0000083 to $0.0000093 is crucial for Shiba Inu price. Analysts believe Shiba Inu price could rally despite its vulnerability. For price targets, check this video:
The price inefficiency could hinder the Shiba Inu price rally. However, analysts believe Shiba Inu price could validate the bullish thesis by breaking past $0.0000139.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.