Shiba

2024

April

Captain

Shiba Inu

Shiba Inu (SHIB) has seen its price going through <a href="https://bitcoinist.com/shiba-inu-brink-of-crashing/" target="_blank" rel="noopener ">a decline</a> this week amidst <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-indicator-signaled-downturn-advance/" target="_blank" rel="noopener nofollow">wider corrections from most</a> cryptocurrencies. The past seven days <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-dips-below-0-00003-again-can-bulls-reverse-the-bullish-momentum/" target="_blank" rel="noopener nofollow">have been rough for SHIB hodlers</a>, as the meme coin fell to as low as 0.00002584 earlier in the week, representing a price decline of over 15% from $0.00003069. However, it would seem the price decline has created an opportunity for some large investors, known as whales, to buy SHIB at a discount.&nbsp; 
According to on-chain data, some new SHIB whale accounts amassed 184 billion SHIB, worth approximately $4.9 million in the middle of the week from crypto exchanges Coinbase and Binance. 
<h2 id="b-new-whales-loading-up-shib-during-the-dip-b">New Whales Loading Up SHIB During The Dip</h2> 
Shiba Inu has constantly seen an increase in the number of whale wallets holding SHIB throughout its history. The recent accumulation by three new wallets was noted on social media by on-chain transaction tracker “The Data Nerd” during the week. The shared screenshots show two of the new wallets each acquired $2 million worth of SHIB tokens from Coinbase. The last wallet accumulated $1 million worth of SHIB from Binance, all within the space of 24 hours.&nbsp; 
<blockquote class="twitter-tweet"> 
 Wow <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f633.png" alt="😳" class="wp-smiley" style="height: 1em; max-height: 1em;"> That’s amazing Anyway do you know where you can see instant prepared cards without KYC in 200+ countries and 20+ providers. <a href="https://twitter.com/PayPaw_Cards?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@PayPaw_Cards</a> is at your service. 
 — CryptoSpike (@_Kristova) <a href="https://twitter.com/_Kristova/status/1775631546172531157?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 3, 2024</a>
</blockquote> 
An inspection of these wallets shows they are still holding these tokens. Interestingly, a 2% price surge for SHIB in the past 24 hours has seen these wallets already making profits.&nbsp; 
<h2 id="b-can-whales-push-shiba-inu-to-0-00008-b">Can Whales Push Shiba Inu To $0.00008?</h2> 
Whales <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-whales-shib/" rel="nofollow noopener" target="_blank">often drive price action</a> and sentiment in the crypto market. There’s no denying that Shiba Inu is largely undergoing a bearish price action after <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-price-soars-10-in-reaction-to-explosive-2367-shib-burn-surge/" target="_blank" rel="noopener nofollow">weeks of bullish action</a> in February and March. Current <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=bullsAndBears" target="_blank" rel="noopener nofollow">data from IntoTheBlock</a> shows SHIB whales are now <a href="https://www.newsbtc.com/news/shiba-inu-fires-up-with-4000-burn-price-rebound-coming/" rel="nofollow noopener" target="_blank">tipped to the bearish side</a> of things with 123 bear whales as opposed to 117 bull whales in a seven-day average.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/pqHQXhSj/" width="2475" height="1163"> 
This tug of momentum has seen SHIB trading between the $0.00002392 support and 0.00003308 resistance during this timeframe. Bounced two times on support and rejected two times at resistance, as <a href="https://x.com/army_shiba/status/1775082632205771043" target="_blank" rel="noopener nofollow">noted by crypto</a> analyst SHIB Knight. 
However, the recent buy by the new wallets and other bull whales suggests some of them think the <a href="https://bitcoinist.com/shiba-inu-takes-social-activity-spikes/" target="_blank" rel="noopener ">current dip is temporary</a> and that the price will recover and head back up. 
At the time of writing, SHIB is trading at $0.00002736 and is down by 23% from $0.00003592, its highest point so far in this bull run. <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-to-rally-100-0-000062/" target="_blank" rel="noopener nofollow">According to</a> crypto analyst Captain Faibik, a new technical pattern has emerged on the Shiba Inu price chart that could send it surging and reaching between $0.00058 to $0.00062 in the second to third week of April.&nbsp; 
A full reverse into bullish momentum could see Shiba Inu pushing past this price level into $0.00008 and beyond, especially as bullish activity returns among a majority of the whales.&nbsp; 
Featured image from Pexels, chart from TradingView

Shiba Inu Large Transactions Spike Over 1,000% – Are Whales Ready To Drive The Price To $0.00008?

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