- Whales scooped up 10.25 trillion Shiba Inu tokens since last week.
- Shiba Inu forms a descending bearish flag pattern on weekly charts.
- L2 Shibarium gas fee token $BONE in freefall, drops to a yearly low.
The bears are still holding their paws over the crypto markets, and the popular canine coin Shiba Inu (SHIB) is among the hardest hit in the altcoin section. As the leading digital asset, Bitcoin (BTC), just plummeted below the $28,000 price range, tokens in Shiba Inu’s Ecosystem recorded historically low values today.
Bearish Weekly Charts Grasp Whales’ Attention
Despite some significant advancement in Shibburn, the Japanese guard dog-themed token plunged by 10.9% in a week. This has led to one of the TOP 100 largest Ethereum whales shoveling 10.25 trillion Shiba Inu coins, while 97% of retail users on Coinbase choose to load up on SHIB rather than sell, the popular exchange’s metrics reveal.
Technically, all four on-chain signals for SHIB are bearish. The red signals indicate a 1.61% drop in holders in the money; now only 14% of SHIB holders profit from this price. At press time, the canine coin trades at $0.00000904 with a 4.4% daily downturn, according to CoinGecko.
Shibarium in Progress, Developers Say
Earlier today, Unification xFund assured the crypto community that the mainnet of Shibarium is in the works and will be launched soon. The Layer-2 solution for Shiba Inu is set to give more utility to the popular memecoin besides being an ERC-20 on Ethereum (ETH).
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On the other hand, Shiba Inu’s Layer-2 scaling solution Shibarium will revolve around Bone ShibaSwap (BONE), the gas fee token of the mainnet. Despite the heavy plunge last week and drop below two consecutive key support lines, BONE is among the favorite cryptocurrencies acquired by the TOP 100 Ethereum whales.
At press time, BONE trades at $0.809163, according to CoinGecko. Shibarium, the forthcoming Layer-2 upgrade, plays a key role in Shiba Inu’s $BONE growth. Furthermore, $BONE has already seen success in the recent listings by Huobi and Crypto.Com.
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However, the alternative token is rumored to be facing trouble getting into more prominent exchanges. In such a case, $BONE’s smart contract must be renounced and remade before entering the largest crypto exchanges.
On The Flipside
- Bone ShibaSwap shows signs of bullish divergence, as three on-chain signals turned green for Shibarium’s gas fee token.
- An increase in Concentration, Large Transactions, and Net Network Growth suggest a demand for $BONE, which is capped at 250,000,000 max supply.
Why You Should Care
Tracking whale activity on the Ethereum network is crucial to understanding the current sentiment of the crypto market.
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