According to on-chain expert Lookonchain, the largest Shiba Inu (SHIB) token holder currently has 1.5 trillion additional tokens. The transaction took place on Coinbase and Binance, two of the biggest exchanges in the world, in accordance with the sound cash analysis.
This kind of motion frequently suggests that the whale was planning for the long run, especially given how poorly SHIB’s value motion has recently performed. Over the course of the past year, SHIB has lost more than 45% of its value. This demonstrates how the token has significantly separated itself from Bitcoin (BTC), which has increased by 53% since the year began.
Bulls Want Stress Shopping at $0.00000662
According to the SHIB/USD daily chart, the token’s decline has not stopped. On June 5 and 8, SHIB was repeatedly tested at the $0.0000077 support before giving up to bearish demand around $0.00000662.
However, the Bollinger Bands (BB) showed that SHIB displayed extreme volatility indications at the time of press. The $0.00000673 value also touched BB’s lower band. SHIB has thus been oversold, according to this.
There might then be a starting point for potential short-term restoration of the area. However, this might involve buying pressure, and if bulls desire a reversal, they’d have to protect the $0.00000662 level from the bears’ domination.
In addition, the 200 EMA (yellow) has crossed below the 50-day EMA (blue). When this occurs, it suggests that SHIB’s momentum may continue to be bearish.
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The On-Stability-Quantity (OBV) had decreased to 239.96 trillion throughout this time. The OBV’s drop indicates that distribution was taking place. This also shows a negative amount of strain. The OBV state indicates a downward breakout warning because SHIB’s value didn’t decrease but instead grew.
Shiba Inu was battling to keep its flaming mechanism alive in various developments. According to Shibburn, the burned charge dropped by 81.82% over the previous day.
The approach involved attempting to reduce the overall supply by sending some SHIB tokens to inactive wallets. This is expected to stabilize the Shiba Inu ecosystem over time while increasing the token value.
Despite burning a total of 410 trillion tokens, SHIB was unable to keep up with market increases. The toke won’t ever provide relief in its current state. Therefore, holders could have to deal with long-term value movement rather than short-term benefits.