- SHIB dodges the bear trap as whales buy $150K in 10 minutes.
- Shiba Inu’s key on-chain signals point to a neutral stance.
- Shibarium’s total value locked (TVL) grows 14.5% in a day.
Shiba Inu (SHIB) is slowly climbing back to the crucial resistance line at $0.000007. The memecoin dropped below the aforementioned price range on Tuesday after facing a severe market correction along with most alternative cryptocurrencies.
However, the tables have turned after Arkham Intelligence, a well-known blockchain analytics agency, spotted a gigantic transaction on the blockchain on October 19, 2023. In further detail, two transactions grossed 22.38 billion SHIB tokens in just ten minutes.
Whales Rescue SHIB From Bear Trap: Will It Last?
The crypto whale has been active for over a year, but the active accumulation of Shiba Inu (SHIB) tokens at 12:58 UTC on October 19 liberated $SHIB from the bear trap. The positive shift for $SHIB is evident in key on-chain metrics: concentration upsurge.
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The inflow of 11.19 $SHIB tokens twice in ten minutes draws a pattern seen in the last couple of weeks. Before this, one Shiba Inu whale similarly amassed 4.5T SHIB tokens, also causing a positive price reaction on October 6. The awakened whale splashed $32M on SHIB tokens at $0.000007227.
Interestingly, Shiba Inu’s current market value is below this threshold. At press time, SHIB is changing hands at $0.00000695 with a 3.5% daily increase, according to CoinGecko. This puts the popular canine coin at a crossroads – to secure the breakout, SHIB needs to reclaim the confluent resistance at $0.000007.
While professional crypto traders are reserved about making forecasts in the ongoing situation, Shiba Inu’s growth is evident in Shibarium. The relaunched Shibarium L2 mainnet inked a daily 14.5% increase in total value locked (TVL), according to decentralized finance analysis platform DefiLlama.
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Currently, with a total of $0.66M locked on Shibarium L2, the DeFi space is dominated by MarsSwap dApp at 42.20%. Despite the L2 success, SHIB’s price now negatively correlates with Bitcoin (BTC) at -0.38, meaning that SHIB picks up less on the leading digital asset’s daily bull runs.
On The Flipside
- If Shiba Inu (SHIB) doesn’t retain the crucial resistance at $0.000007, the recurrence of the bear trap could put the canine coin’s market value at the mercy of crypto bears.
Why This Matters
Cryptocurrency price movements often depend on crypto whale behavior and outside macroeconomic factors.
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