As Shiba Inu’s prices (SHIB) keep plummeting across the board, new on-chain metrics reveal an increased interest for one of the most popular memecoins in the sphere.
According to WhaleStats, an ETH whale bought 606,352,106,247 SHIB tokens worth over $12 million. The transaction took place after 2,413 block confirmations.
Saving the SHIB Army’s Day…
The purchase happened in the midst of a strong sell-off seen across the crypto markets, with altcoins suffering the most due to the bloodbath. Yet, in some way, the on-chain maneuver witnessed across the ETH whale implied that the demand appeared to save the day for the SHIB Army.
🐋🐋🐋 An ETH whale just bought 606,352,106,247 $shib ($12,133,105 USD).
Ranked #222 on WhaleStats: https://t.co/dlw5UxXnjq
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) January 24, 2022
In fact, Shiba Inu’s prices have been too weak in the last few days because it managed to plunge below the $0.000020 threshold, and now it exchanges hands around that neighborhood.
Buyers seem to be reluctant to give up against the sellers, and a bottom had been formed around $0.000019 in order to extend further the rally. If SHIB cracks above the $0.000023 level, eyes will be on the 200-hrs simple moving average at around $0.000025.
However, as the risk is skewed to the downside, SHIB should break below the $0.000018 level to open the doors and allow further losses for the memecoin towards the $0.000016 level in a first degree, followed by the $0.000014 zone as the next tough nut to crack.
Confirmation for a Full Recovery
From the broad picture, Shiba Inu is losing over 9% of its value as of press time due to the heavy sell-offs seen across the board. However, the on-chain activity around the memecoin had also spiked significantly, whose maneuvers suggest that whales aim to recover the bullish pace at any time soon.
To confirm a full recovery of the prices, SHIB should consolidate above the $0.000030 level to target the $0.000035 zone in a first degree and eventually consolidate the memecoin in the bullish steam for the short and mid-term.
This article was originally posted on FX Empire