- A whale bought 1.44 trillion SHIB tokens.
- More holders were leaving the underwater area and making slight gains.
Shiba Inu [SHIB] has been involved as a whale acquired a new set of tokens, AMBCrypto observed. Analyzing data from Etherscan, we discovered that the whale bought 1.44 trillion SHIB tokens in different transactions from Gate.io and Binance.
SHIB experiencing a large accumulation might be surprising to those who have followed the market in the last year. For a token that was one of the 2021 bull markets, SHIB underperformed in 2023.
Also, the first few days of 2024 have not been the best for the cryptocurrency. According to CoinMarketCap, SHIB’s price was $0.0000094 at press time. This value represented an 11.06% drawdown in the last 10 days.
But the aforementioned whale is not the only one that has been bullish on SHIB.
Players push the selling season away
AMBCrypto’s assessment of the Exchange Net Position Change showed that much of the SHIB supply has been moved off exchanges since October 2023. The Exchange Net Position Change is the 30-day change of the supply held in exchange wallets.
Source: Glassnode
From Glassnode’s data shown above, the metric was down to -8.35 trillion. If the metric continues to remain in the negative territory, then SHIB might evade selling pressure.
Should this be the case, then Shiba Inu might head back to $0.00001. A potential increase toward the $0.00002 region might be plausible as well.
SHIB to $0.00001, or the trend is wrong
Regardless of the potential, SHIB was down 89.77% from its All-Time High (ATH). Though the sentiment shown by on-chain data tilted positive, it would take a lot of market interest and buying pressure for the token to reclaim its ATH.
However, SHIB’s 4% hike in the last 24 hours has affected those involved in recent transactions. According to Santiment, the daily 0n-chain transaction volume in profit was 793.09 billion.
On the other hand, the transaction volume in loss was 514. 6 billion.
Source: Santiment
If SHIB’s price continues to rise, then the number of SHIB holders underwater will reduce. This potential performance might also draw interest from players who have overlooked the token for a long while.
Per the 4-hour SHIB/USD chart, the Relative Strength Index (RSI) was 49.75. This reading showed that some buying pressure had entered into the Shiba Inu ecosystem.
But the price might stall for a while, considering the volatility shown by the Bollinger Bands (BB).
Read Shiba Inu’s [SHIB] Price Prediction 2024-2025
In addition, the Money Flow Index (MFI) had risen to 77.95. The MFI measures the buying and selling pressure based on the price and volume. As it stands, the SHIB’s price may rise toward $0.000011.
But if the MFI hits 80.00, SHIB may retrace, as it would have been overbought.
Source: TradingView
