Dog-themed cryptocurrency Shiba Inu (SHIB) shows signs of rebounding following a sharp sell-off in Monday's trading session.
SHIB has recovered 7% in the last 24 hours, coinciding with a massive 553% increase in large holder inflows, which refers to funds entering into whale addresses. According to IntoTheBlock data, Shiba Inu saw a sharp spike in large holder inflows, skyrocketing from 1.27 trillion SHIB on Feb. 2 to 6.51 trillion SHIB on Feb. 3.
The surge in large holder inflows suggests that whales might be moving funds into SHIB, possibly in anticipation of dip buying. This comes amid the recent crypto market sell-off, which saw meme coins lose considerable value.
The surge in large holder inflows suggests that whales might be moving funds into SHIB, possibly in anticipation of dip buying. This comes amid the recent crypto market sell-off, which saw meme coins lose considerable value.
The crypto marketβs total value slid by about $360 billion at one point on Monday, according to CoinGecko data. Large dips, while seemingly paradoxical, are really beneficial to cryptocurrency markets in the long run. Drops help to decrease market excess, flush out weak hands and create a more stable platform for future price increases. Large sell-offs from liquidations frequently drive cryptocurrency markets to bounce because they produce a cascade of forced selling, followed by a sudden lack of selling pressure and an infusion of opportunistic buyers.
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What's next for Shiba Inu?
Shiba Inu fell drastically yesterday, hitting lows of $0.0000116 after reaching highs of $0.0000169. At the time of writing, SHIB had marginally recovered and was up 6% in the last 24 hours to $0.00001542.
If SHIB sustains its rebound, a break above its daily moving averages of 50 and 200 at $0.00001927 and $0.00002119 might lead to more gains. However, if selling pressure returns, SHIB may need to defend the support near $0.000011 to avoid more losses. With large holder inflows skyrocketing, SHIB holders are keeping a careful eye on whether the current rebound can last much longer. Will this lead to a larger breakout or just a brief rebound? Time will tell.
Shiba Inu fell drastically yesterday, hitting lows of $0.0000116 after reaching highs of $0.0000169. At the time of writing, SHIB had marginally recovered and was up 6% in the last 24 hours to $0.00001542.
If SHIB sustains its rebound, a break above its daily moving averages of 50 and 200 at $0.00001927 and $0.00002119 might lead to more gains. However, if selling pressure returns, SHIB may need to defend the support near $0.000011 to avoid more losses. With large holder inflows skyrocketing, SHIB holders are keeping a careful eye on whether the current rebound can last much longer. Will this lead to a larger breakout or just a brief rebound? Time will tell.
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Note that no single person has authority over $SHIB. Be cautious, DYOR π§
Always ask whether the information promoted is trustworthy!
Whoβs the people behind the initiative? Is this legit or just a hype! Either way be CAREFUL! ππΌ
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π¨REMEMBER π¨
Success is not final, failure is not fatal: It is the courage to continue that counts πππΌ
πΆ #Shibarmy things are brewing ππ₯
Success is not final, failure is not fatal: It is the courage to continue that counts πππΌ
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According to cryptocurrency analysis firm Arkham Intelligence, a whale wallet has purchased 131 billion Shiba Inu (SHIB) coins. The tokens are worth around $2.16 million. The wallet previously held 149.997 Ethereum (ETH), currently valued at roughly $420,000. The whale does not have any other cryptocurrency right now, apart from its recent SHIB purchase.
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Despite the big purchase, SHIB continues to stagnate. The asset is down 2.4% in the daily charts, 14.6% in the weekly charts, 19.9% in the 14-day charts, and 33.6% over the previous month. Despite the massive correction, SHIB has maintained some gains in the yearly charts, rallying 78.9% since January 2024.
SHIB follows the current market downtrend. The latest market dip was likely a reaction to the US imposing new taxes on Canada and Mexico. The market recovered slightly after the US announced that it would pause tariffs for 30 days.
SHIBβs lackluster performance could also be due to macroeconomic factors. The Federal Reserve has taken a hawkish stance with its monetary policy for 2025. Investors may be weary of investing in risky assets, especially memecoins.
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According to Changelly, SHIB may reclaim the $0.00002 level in April 2025. The platform anticipates the asset to trade at a maximum price of $0.0000224 in April. Hitting $0.0000224 from current price levels will entail a rally of about 41.15%.
SHIB will likely regain momentum when the larger crypto market recovers. With global trade wars and an unpleasant macroeconomic environment, the crypto market may continue to stagnate. If the Fed announces an interest rate cut, SHIB and other crypto assets could see some positive momentum.
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The altcoin industry has been solving the decentralization aspect of the blockchain trilemma for the past years. With the scalability and security aspects having been solved through layer one and layer two chains, the distribution of altcoins to achieve higher decentralization has been a work in progress in most projects.
The use of play-to-airdrops (P2A) has gained significant momentum in the GamiFi sector. However, the control of altcoin projects by whale investors remains evident in most tokens.
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According to on-chain data analysis by Santiment, Shiba Inu (SHIB), the leading memecoin on the Ethereum (ETH) ecosystem, has the highest level of whale control in the top altcoins. Specifically, 61.3 percent of the total circulating supply holdings is held by the top 10 largest wallets.
With over 41 percent of SHIBβa total supply already burnt, 61.3 percent of the remaining 59 percent is a big proportion in the hands of whale investors. According to Santiment, the huge control of SHIB by whale investors is a double-edged sword that every retail trader should closely monitor.
On one hand, the huge control of SHIB by whale investors instills confidence in the dog-themed memecoin. On the other hand, a potential selloff by the whales could be catastrophic for the memecoin.
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Other Altcoins
According to Santiment, 46 percent of Ethereum (ETH) is held by the top ten largest wallets, which also poses a considerable threat. Meanwhile, Chainlink (LINK) and Toncoin (TON) have a more evenly spread of the total supply with whale investors of about 33.1 percent and 32.8 percent respectively.
According to Santiment, 46 percent of Ethereum (ETH) is held by the top ten largest wallets, which also poses a considerable threat. Meanwhile, Chainlink (LINK) and Toncoin (TON) have a more evenly spread of the total supply with whale investors of about 33.1 percent and 32.8 percent respectively.
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Be safe, its likely volatile when the market opens today! π₯πππΌ
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Great wonders hide in the simplest places. #SHIB may seems a meme, but look closerβits potential is vast. The ordinary can transform into the extraordinary πͺπππΌ
πΆ See #ShibainuCoin potential ππ
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