Top Dog Or A Meme Joke: Shiba Inu Slumps 5% As Whales Buy More

Shiba Inu first appeared on the scene as a joke-coin in 2020, aimed squarely at the top dog of the time Dogecoin. The meme coins uccessfully marketed its way to the position while avoiding rumors of a fraud and what appears to be a slow but steady start

Shiba Inu Slumps 5%

At press time, SHIB was down 5%, along with DOGE and other large cap crypto currencies, as the global cryptocurrency market cap fell to $2 trillion.

shiba inu

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SHIB/USD price slumps 5%. Source: TradingView

At the time of publication, SHIB was one of the most popular coins on Twitter. According to Cointrendz data, it received 2,320 tweets.

At the time of publication, the three most popular coins were Bitcoin, Ethereum, and Solana. There were 15,069, 6,159, and 2,482 tweets about each of them, respectively.

Shiba Inu, like other meme coins, is entertaining to trade and has made some people quite wealthy in a short period of time. However, whether it’s Safemoon, Shiba Inu, or Dogecoin, there isn’t much value beneath the surface. As a result, with these tokens, buyer beware.

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Has the SHIB lost its sense of humour? Perhaps. There will always be something more dazzling and opulent to come along. The meme coin market is brimming with opportunities.

Shiba Inu’s fan base is unquestionably one of the largest in the crypto world. It’s an issue of perception whether or not that’s changing.

Related article | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More

Whales Buy More SHIB

The number of active addresses on whale tracking website WhaleStats has increased by 88%, indicating that Shiba Inus have attracted more whales. When entities begin to make transactions or other manipulations with their funds, the increase in activity is tracked.

sSHiba Inu

Whale activities surge. Source: Whalestats

However, the increased activity may be followed by greater selling activity, based on the token’s price behavior on the market. The dog-inspired coin has lost almost 15% of its value in the last four days, according to TradingView statistics.

Shiba Inu whales have also bought more. The coin’s dominance has previously slipped, allowing FTT token to overtake SHIB as the largest holding among Ethereum network whales.

Shiba Inu Whale Holdings

Source: Whalestats

However, Shiba Inu whale holdings received a $300 million boost shortly after, putting it back in first place with $1.7 billion in whale-tier address balances. Substantial market buying activity failed to lift on-chain data.  Measures such as net flows and network growth remaining in the red.

Related article | Paypal Loses AMC Theaters Throne, Bitpay Will Support Shiba Inu Payments

Featured image from Unsplash. Chart from Whalestats,and TradingView


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Time To Cash In? SHIB Soars 40% And Snatches DOGE Position In Top 10

Switching positions in the crypto top 10 during the past 24 hours, Shiba Inu (SHIB) has finally taken Dogecoin (DOGE) position as one of the largest cryptocurrencies by market cap.

Related Reading | Shiba Inu (SHIB) Jumps 50% To ATH Amid Robinhood Rumors

As of press time, SHIB trades at $ 0,000068 with a 44% and 144% rally in the daily and weekly charts, respectively. In the 30 days chart, the token records a massive 865% profit.

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The token was launched as a competitor to DOGE, but with its own team and community. Their collective efforts have managed to bring SHIB to this point, as it continues to gain more popularity.

The token has gone from being a meme coin dumped by the creator of Ethereum Vitalik Buterin to representing the spirit of retail investors looking to create their own opportunities.

With millions in profits in the 1-year chart, SHIB could easily be crowned as the king of meme coins. Pseudonym trader IncomeSharks has been tracking the price of this token.

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Despite its massive rally, the cryptocurrency could be approaching a selling zone as the euphoria mania around comes to an end. As seen below, IncomeSharks compared SHIB and DOGE’s performance and concluded that there are “identical” market conditions and human behavior.

These two elements have allowed SHIB to climb all the way up to the top 10, but also suggest an irrational market that could lead to a sudden crash. Similar to DOGE, SHIB Whales could be preparing to dump on retail:

Irrational markets create a lot of opportunity but you have to remember it doesn’t last forever. Don’t let unusual market behavior change your strategies. Either flow with it temporarily or wait for conditions to align back to what you were comfortable with.

Related Reading | Why Shiba Inu (SHIB) Rallied 266% Following Biggest Dump In Its History

Forget SHIB, What’s The Next Big Thing

Market conditions could also tip in favor of SHIB bulls, and the token could continue its impressive rally. As IncomeSharks has also noted, Bitcoin’s Dominance (BTCDOM) in the market has been moving sideways in the past few days.

The metric stands now at a “sweet spot” and could allow altcoins to persist in their price discovery mode. Several altcoins besides Shiba Inu have experienced all-time highs or a fast return to their previous highs in the past week, including Solana (SOL), Polygon (MATIC), and others.

Related Reading | Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets

IncomeSharks tries to stay ahead of the trend. Therefore, he suggested investors take their profits from SHIB and move it to MINISHIB, and other meme coins already yielding high returns. He claimed:

I’m excited for the $SHIB holders making money, and hope it keeps going. But while everyone was buying green candles and following the herd I went to the MEME plays which are always next. I had higher returns on 4 of these than this $SHIB pump. $DIGINU $SNOOD $SMI and #MINISHIB.



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Shiba Inu eyes ‘much wow’ 90% breakout as SHIB price paints a textbook bull pattern

The Shiba Inu (SHIB) market is in a very strong bull market in 2021, and one major continuation pattern on its longer timeframe charts highlights the scope for an additional 90% upside move ahead.

In detail, SHIB rose over 1,250% year-to-date (YTD) to establish the yearly high at $0.00003528 (data from Binance) on Oct. 8. Later, the cryptocurrency cracked under the profit-taking sentiment, leading to a 41.50% price correction to $0.00002060.

But bulls started accumulating SHIB near the said low level. A rebound ensued and the price rallied over 55% to $0.00003200, where it met another round of selloffs. Overall, the SHIB price kept forming lower highs and higher lows in the next sessions, forming a Triangle structure that appeared like a Bull Pennant.

Analysts treat Pennants as bullish continuation patterns, i.e., their formation, coupled with declining trade volumes, tends to send prices in the direction of their previous trend — by as much as the height of the previous price rally, also known as Flagpole.

So it appears, SHIB has been forming the same structure.

SHIB/USDT 12-hour price chart featuring Bull Pennant setup. Source: TradingView

The SHIB Flagpole’s height comes to be around $0.00002450. Therefore, considering the cryptocurrency would pursue a breakout to the upside from the Bull Pennant’s apex (the level at which its upper and lower trendlines converge), its next target would be at around $0.00005200, roughly 90% higher.

Yet, Pennants are notorious for being the worst reliable technical indicators, at least according to a study conducted by Samurai Trading Academy’s Cody Hind in 2020, based on his assessment of 10 years of market data and over 200,000 trading structures. 

He found that Bull Pennants successfully reached their price targets in 54.87% of cases.

Macro fundamentals

The SHIB price almost doubled in October, in part due to Tesla CEO Elon Musk’s cryptic endorsement of the Shiba Inu project and amid reports of whale buying activity and the rise of its decentralized exchange ShibaSwap.

Specifically, Musk posted the picture of his Shiba Inu puppy on Oct. 4. The billionaire entrepreneur’s tweet coincided with the SHIB price rallying by more than 330% in the next four days, reminiscent of how he influenced the prices of Dogecoin (DOGE) earlier this year.  

The jump also took cues from reports of whale buying activity in the Shiba Inu market. For the uninitiated, Yahoo Finance highlighted in its Oct. 5 report that an unknown entity purchased 6.2 trillion SHIB for circa $44 million in late September.

Related: Shiba Inu rebounds 40% despite major selling by SHIB whales

Meanwhile, Shiba Inu’s namesake, decentralized exchange ShibaSwap, detected a surge in the amount held by its liquidity pools. As of Oct. 18, the total value locked inside the ShibaSwap contracts was $411.42 million versus $253.41 million at the beginning of this month, as per data provided by DeFi Llama.

ShibaSwap TVL as of Oct 18, 2021. Source: Defi Llama

At its prime, in July 2021, ShibaSwap was managing $1.76 billion worth of funds via its liquidity pool.

Ishan Arora, a hedge fund manager associated with Tykhe Block Ventures, told Yahoo Finance that Shiba Inu emerged as a product of an ongoing craze for meme cryptocurrencies, adding that most people buy these tokens as the result o some influencers’ advice.

Arora warned investors about the risks of putting money into such one-hit wonders, but mentioned Dogecoin for its ability to return incredible profits earlier this year.

“Early Doge investors last year did quite well, so it is not as black and white as most want it to be.”

Meanwhile, crypto data tracking service Santiment detected an increase in Shiba Inu whale transactions over $100,000 in the past 24 hours, noting that their occurrence is typically bullish for SHIB.

Shiba Inu whale transactions exceeding $100K. Source: Santiment

“When these transactions come in bunches, price rises generally follow,” the platform wrote in a tweet published Monday.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.