Home Markets Shiba Inu Whale Trading Spikes at 4-Month High as SHIB Dominates Market with Meteoric 40% Jump ⋆ ZyCrypto

Shiba Inu Whale Trading Spikes at 4-Month High as SHIB Dominates Market with Meteoric 40% Jump ⋆ ZyCrypto

0
Shiba Inu Whale Trading Spikes at 4-Month High as SHIB Dominates Market with Meteoric 40% Jump ⋆ ZyCrypto

Unfazed by Shiba Inu's plunge, crypto whales load billions of SHIB tokens - but why?

Advertising

&nbsp&nbsp

Shiba Inu Powered Silent ultra-bullish movements in the markets. Although its milestones were under-reported, the coin meme managed to put up a decent fight against the bears. SHIB rallied significantly over the weekend, reaching levels last seen four months ago.

SHIB breaks the resistance

After falling from the $0.00002 level in May, SHIB consolidated below the critical $0.000013 resistance zone. Attempts to reach the area were met with aggressive refusals. Therefore, SHIB has consistently traded below the level since May 11.

SHIBUSD Chart by TradingView

Above all, the intensity of the bear market in mid-June dealt a bigger blow to the value of Shiba. The asset was pushed below its $0.000010 support level on June 11 when markets saw record lows. Shiba Inu traded below this support level until June 20th.

The asset had, however, remained below $0.000013 until recently. SHIB staged a break of the resistance level on August 14 amid the comeback of the crypto markets. After the breakout, the asset surged further, hitting a 3-month high of $0.00001774.

The number of Shiba Inu whale transactions hits a 4-month high

Although the weekend rally lost momentum, SHIB remained above the $0.000015 resistance zone. At the time of writing, the asset is trading at $0.00001583, having gained 6% in the past 24 hours. At this level, if the markets set up a replica of the recent comeback, SHIB might start targeting the $0.000018 level.

Advertising

&nbsp&nbsp

Amid this bullish performance, SHIB’s network activity witnessed a 4 month milestone over the weekend. The number of whale trades hit a value markets hadn’t seen since April 12. The network recorded 433 transactions involving Shiba worth $100,000 on August 14.

Shiba’s recent moves show a bright future for the meme coin. In addition to its price movement and network activity, Shiba Inu’s market capitalization swelled over the weekend. On August 14, the asset recovered a valuation of $9 billion for the first time since May 9. Its valuation fell to $8.6 billion as its price fell slightly. Despite this, the current valuation remains an improvement from the $6 billion cap posted by the asset last week.

LEAVE A REPLY

Please enter your comment!
Please enter your name here