Shiba Inu Shatters Bearish Trendline as BNB Whale Shifts 32M

Tearing down bearish barriers: Shibarium hits 7M transfers as cryptocurrency traders assess the odds of SHIB erasing a zero.

Shiba inu attacking a large brown bear.
Created by Gabor Kovacs from DailyCoin
  • Massive BNB whale shuffles 32M in crypto assets, 2M in $SHIB.
  • Shiba Inu faces a challenging resistance barricade at $0.000008.
  • On-chain signals depict a mounting battle between bulls & bears.

The dog-themed cryptocurrency Shiba Inu (SHIB) has just breached its nearly two-year-old bearish trendline. The trendline, which underlies the price range of $0.000008, had sent SHIB 99% down from its all-time high (ATH) set over two years ago.

Indeed, the $0.00008616 SHIB price reached on October 28, 2021, might still be far away, but the technical charts indicate a long-awaited trend reversal. In further detail, SHIB embarked on a bull run to $0.00000951 on November 11, 2023, but failed to find support around the confluent area to slide back down to the $0.000008 support levels.

Crypto bulls are gearing up for another battle to take SHIB above the $0.00000951 territory to erase a zero in its market value. One mysterious crypto whale whose wallet starts with ‘0x865’ shuffled 230 billion Shiba Inu tokens from Binance. Digging deeper into the whale’s stash, it’s evident that Shiba Inu comes as the third most held asset, only falling behind BNB (BNB) and Ether (ETH).

Shibarium Hits 7M Transactions in Activity Renaissance 

Much of Shiba Inu’s success can be attributed to Shibarium, the Layer-2 scaling solution for the Shiba Inu community, popularly known as SHIB Army. While Shibarium L2 witnessed stagnant developer activity over the past months, the recent breach of the long-term bearish trendline comes equipped with trading activity on Shibarium L2.

According to ShibariumScan.io, the daily transactions on Shibarium catapulted from 16,630 transfers on November 29, 2023, to a colossal 748,230 on November 30. Meanwhile, Shibarium’s total value locked (TVL) also inked 1.11% gains in the last 24 hours and now encompasses $689,370 locked on-chain.

This breakthrough in trading and building activity on Shiba Inu’s self-sufficient network awarded SHIB with slight gains of 2% in the last 24-hour period. Under these circumstances, most SHIB Army members are waiting for the big moment of SHIB completing the bullish crossover and erasing a zero from its market price.

On the Flipside

  • Unseen since the successful relaunch of Shibarium L2 in August 2023, Shiba Inu’s troublesome resistance barrier comes as a consequence of many crypto traders aiming to break even at the sensitive price range between $0.000008 and $0.00001.

Why This Matters

Cryptocurrency whale tracking often reveals new market tendencies before it reaches the general public.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.