CoinDCX News, Crypto News Global

Shiba Inu: Whales scoop up 2.8 trillion SHIB tokens, what’s coming next?

KEY TAKEAWAYS:

  • 2.8 trillion SHIB or $24.8 million worth of SHIB token bought by a SHIB whale on 9 December, 2022.
  • Shiba Inu sees a gradual and steady growth in the daily active addresses count on the network.
  • SHIB also sees a major spike in the network growth metric in the month of November 2022.

Shiba Inu has been a crypto project that has a wide variety of opinions regarding it. While proponents can empty their life’s savings to invest in this coin, while people on the opposite side of the spectrum won’t leave a chance to pull the project down. Very few other crypto project command this kind of polarity and Shiba Inu has embraced it wholeheartedly.

So in a world, especially in this bear market, where people are advising and cautioning against investing in memecoins, of which SHIB is the second largest by market capitalization – there are some people behind the scenes who truly find value in the SHIB token and are willing to put their money where their mouth is. $24.8 million worth of money, to be specific. Take a look at the image below.

Source: Etherscan.io

According to data sourced from Etherscan.io, a whale bought up a whopping 2.8 trillion SHIB tokens all at one go, on 9 December, 2022. In dollar terms today, that is about $24.8 million worth of SHIB tokens picked up by this particular whale. That is a significant amount of money to be invested in a memecoin at a day and age where SHIB is at the lowest point in the past year!

SHIB TECHNICAL OVERVIEW

SHIB/USDT | Source: Tradingview

As is evident from the chart above, SHIB price has had a tough going all through the past year of 2022. It has had one of the harshest crashes amongst all of the top cryptos by market cap and so much so that even Dogecoin has fared better than Shiba Inu. SHIB price is well on its way to breach past the lowest point of 2022, weighed down by heavy bearish pressures from all across the market. Despite the 2.8 trillion SHIB tokens, worth over $24.8 million – couldn’t bring about any recovery in the actual price of the token. However, 2.8 trillion SHIB tokens is only about 0.28% of the total supply of nearly a quadrillion tokens.

On a deeper technical analysis aspect, SHIB price is well below and all levels of support on the charts. It is on a steady descending pattern, with a sustained pattern of lower highs and lower lows on the chart. Along with that, it is well below the 5o and 200 day moving averages too, which would bring in additional bearish pressures on the coin. And with a Relative Strength Index value weighing in around 40 – there is a reasonably high chance of a continued dip going forward too.

SHIB DAILY ACTIVE ADDRESSES SEES UPTREND!

SHIB Daily Active Addresses | Source: Santiment

Despite the scarily bearish technical structures of the second largest memecoin by market capitalization – Shiba Inu’s daily active addresses have a slightly different story to tell. While most of the year, SHIB’s daily active addresses have been on the down low, apart from sporadic spikes here and there, the month of November however, managed to show some steady rise in the network activity with a steady improvement in the daily active addresses.

Read more: Top Altcoins 2023

SHIB’S NETWORK GROWTH SEES A SPIKE TOO!

SHIB Network Growth | Source: Santiment

Shiba Inu’s network growth also saw a spike, and a gradual increase prompted by that spike in the beginning of November 2022 too. This ties in pretty well with the daily active addresses metric data as observed above. Network Growth, according to crypto analytics firm, Santiment is essentially the number of new addresses that transferred a given token for the first time. This is a metric that depicts user adoption over time and can be used to identify when the project is gaining or losing traction.

Read more: Shiba INU Price Prediction

CONCLUSION

In conclusion, we can safely say that SHIB price is in a very tough spot right now, but there is something brewing behind the scenes in the second largest memecoin by market capitalization. While the exact reasoning behind this will be revealed in due course, one can clearly see some heavy action going on – ranging all the way from the 2.8 trillion SHIB being picked up by a whale to uptrend in daily active addresses and major spike in the network growth metric. Thus, despite the heavily bearish SHIB price action, it will be worthwhile for investors to keep an eye out on this token for future opportunities.

Prices as on 13 December, 2022.

Share this Story

Check Also

What Triggered Fantom: Surges Beyond $0.46 to Mark an 8-Month High.

The price of Fantom (FTM) has surged to an 8-month high of $0.46. The Fantom Foundation is a non-profit organization that aims to build the next-generation of smart contracts and dApps.

GET ALL LATEST UPDATES ON YOUR EMAIL

    Categories

    Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
    Download the app now, register & start with as low as Rs.100
    ios download link
    android download link
    qr code for download