Santiment, a blockchain intelligence firm, disclosed in a tweet yesterday that Shiba Inu (SHIB) has seen an increase in whale activity after the meme coin’s value fell below $0.00001. According to the report, 4.7 trillion SHIB cash, estimated to be worth $41 million, has been transferred to a brand new cold pockets, making it the sixth largest pockets on the network.
According to Santiment’s data, 7.69 trillion SHIB in on-chain transactions were registered in a 4-hour period yesterday. That appears to be the highest amount of on-chain quantity since SHIB established its value on June 9, 2023.
SHIB was trading at $0.000008362 at the time of publication, down more than 9% in 24 hours. This reduction in the altcoin’s value roughly doubled SHIB‘s unfavorable weekly performance. As a result, the cryptocurrency’s value fell 17.01% for the week.
Furthermore, SHIB had achieved a 24-hour low of $0.000007645 but had only just returned to commerce at this point. Nonetheless, the cryptocurrency had a ways to go before returning to its all-time high of $0.000009203.
At the time of publication, SHIB’s value was attempting to recapture the $0.00000845 assist stage. This occurred following the printing of a fresh new greater low by SHIB, which resulted in the construction of a constructive development line. If it finishes today’s daily candle above this level, merchants may opt to establish long positions for the meme coin, potentially boosting SHIB’s value up to $0.00000928.
A break over this level will smooth the way for SHIB to move above $0.00001 to $0.00001052 within the next week. This bullish thesis, however, may be refuted if SSHIB fails to close a daily candle above $0.00000845 in the next two days. In this situation, the altcoin’s value could fall to $0.00000700 within the next several days.
