4.5T SHIB Scooped Up by ETH Whale as Bulls Mark Price Bottom
- Fresh Ethereum whale racks up 4.5T Shiba Inu (SHIB) tokens.
- SHIB and BONE both trade in consolidation throughout the week.
- Key on-chain signals showcase the duel between bulls bears.
The popularity of Shiba Inu (SHIB) memecoin has soared ever since the developers launched Shibarium, the Layer-2 scaling solution for the Shiba Inu Ecosystem. However, most crypto traders have noticed the delayed reaction in SHIB’s price movement in the last couple of months.
Even though SHIB seems to have picked up the market-wide macroeconomic factors, the price correlation with the leading digital asset Bitcoin (BTC) is at an all-time low. Certainly, large crypto whales often take bear cycles as an opportunity to buy the chosen cryptocurrency at a “discounted price”.
One new Ethereum whale acquired a colossal 4.5T $SHIB tokens at $0.000007227, later sending it to a decentralized crypto wallet. The move was detected by WhaleAlert , the crypto whale tracker reporting the largest whale on-chain moves.
Veteran SHIB Member Sets Long-Term Support
The gigantic whale move comes at a time when SHIB is still exhibiting a bearish consolidation phase. Meanwhile, one of Shiba Inu’s long-term investors underlined a crucial support level, historically a major catalyst for SHIB’s bull runs up to $0.00001.
SHIB Knight marked this threshold at $0.00000721, as the price range has laid the foundation for Shiba Inu’s last four bullish breakouts. This time, SHIB dropped slightly below the aforementioned historical support level.
Currently, the popular canine coin trades at $0.00000717 with a 1% drop in the last 24 hours. In order to bounce back above the catalyst confluence level at $0.00000721, SHIB must break through the 100 exponential moving average (EMA), which enables a bullish crossover to happen after a prolonged bearish period.
On the Flipside
- The live on-chain signals allude to indecision between the crypto bears bulls, according to blockchain analytics tool IntoTheBlock.
- While large transactions and net network growth are slightly bearish, the concentration of large holder positions is at status quo.
Why This Matters
Tracking crypto whale activity gives a broader perspective on the current sentiment of crypto.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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