Shiba Inu whales’ trading volume skyrocketed by 640% as seen in the coin’s 24-hour trading volume. A 61% increase in whale buying and selling has been recorded.
In the 24 hours preceding, active addresses of SHIB holders were able to see large transactions which spiked up to 57.41%. SHIB value jumped by 3.06%, which is due to ShibaInu returning to its key support level at 0.00001.
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SHIB trading volume down 7.48%
At press time Shiba Inu trades at $0.00001044. This is a drop of 7.48% overnight, and a plunge of 12.84% weekly. Bitcoin’s movement and other altcoins also negatively impacted the Federal Reserve regulatory issues concerning the crypto market.
Shiba Inu has been the most significant token of all ETH whales so far. The 1,000 top ETH whales have accumulated over $641.196.371 in SHIB.
For two weeks, SHIB’s price has been bullish but it’s now in a muddle. SHIB’s bullish streak began on July 12, which saw 34% of the stock gain before it plummeted.
SHIB is currently down by 2%, which extends its bullish streak of 7% yesterday.
Is Shiba Inu going bullish and retracing?
SHIB’s prices surged due to news of its launch of a new metaverse collector card game called SHIBA Collectible Card Game, which it is collaborating with TREAT. There are reports that SHI is being introduced by the meme coin.
Shiba Inu has recently introduced the SHIB Burn Visa Card. It is the first card to burn SHIB when making payments. The announcement was posted via a video teaser on Twitter with the caption, “Make Payments, Burn SHIB.”
Source: TradingView.com| Source: TradingView.com
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Printful is a U.S.-based printing company that accepts SHIB and other crypto currencies via BitPay.
SHIB was able break the resistance zone at $0.0000125. The resistance level was breached and the price has retraced quickly. Subsequently, SHIB prices have continued to dwindle and gone bearish with today’s drop of 2%. This trend suggests that the price of coins will continue to fall. SHIB prices are expected to continue falling in the coming trading sessions, as shown by the daily chart.
SHIB prices are expected to continue falling and eventually reach their lowest point of $0.0000095. SHIB could perform well if it retraces its decline and remains above $0.0000116.
Featured Image from Bloomberg.com. Chart by TradingView.com