- Notable SHIB whale made a single purchase of 2.8 trillion tokens.
- Price movement demonstrated that SHIB was able to maintain a position in the bullish territory.
More than a year after striking an incredible all-time high, Shiba Inu [SHIB] hasn’t performed as well, but the whales of the token are unconcerned by this.
One of the top SHIB whales spent an unbelievable amount of money to purchase tokens valued at 2.8 trillion, providing further proof of their unwavering loyalty. The total reported by the Etherscan transaction at the time of publication, after accounting for SHIB value, was $26.12 billion.
The common suspect directs SHIB to…
It was important to note that this particular whale was “famous” for grabbing SHIB in astronomically large quantities. The whale had accumulated about $2.3 million worth of SHIB between November 9 and 10, according to a close examination of the wallet.
SHIB demonstrated that it was still in its unfit state after the operation. This was due to the fact that the meme coin could only manage a 1.57% increase over the previous 24 hours.
The Moving Average Convergence Divergence (MACD) on the daily chart indicated that SHIB might regain a long-lasting bullish strength.
This was caused by the positioning of the 12 to 26 EMA close above the histogram. However, the buyers’ (blue) and sellers’ (orange) strengths fell short of the midpoint.
Both were moving toward the positive region, as indicated by the chart above. As a result, there was a chance that the market could turn bullish, especially as the buying power began to outweigh the selling.
On-Balance-Volume (OBV) reading indicated proximity to the bullish area. Thus, a further ascent up the chart may indicate strong buying pressure.
Analysis of the chain
SHIB experienced a significant decline in its on-chain condition as a result of its exchange inflow. Data from Santiment indicates that on December 8th, exchange inflow initially reached a high of $223 billion. It was down to 25.16 billion as of the time of publication.
Investors in SHIB had retraced after selling the token, which could be one reason for this decline. This therefore indicated less sell pressure. On the other hand, the exchange outflow shrank to 17.74 billion. Given that it was a decline, it implied that normal buying pressure also existed. Therefore, SHIB’s likely trend would be to stay in the $0.000009 range.