As Shiba Inu’s price ( SHIB) continue to plummet all over the world, new data from the chain show an increase in demand for Shiba Inu, one of the more well-known memecoins on the market.
According to WhaleStats the report states that an Ethereum whale purchased 606,352,1062,247 SHIB tokens that were worth more than $12 million. The transaction occurred after 213 block confirmations.
Saving the SHIB Army’s Day…
The transaction occurred during the midst of a massive sell-off in the crypto market and altcoins suffered most as a result of the bloodbath. In a way, the transaction seen throughout the ETH whale indicated that the demand could bring relief to SHIB. SHIB Army.
In actual fact, Shiba Inu’s prices were too low over the past few days, as it was able to fall just below the $0.000020 threshold. Now, it trades in the area.
Buyers appear to be unwilling to surrender against sellers. A bottom has been created at $0.000019 to help extend further the rise. If SHIB moves above the $0.000023 threshold, all eyes will be on the 200-hour basic moving average which is around $0.000025.
But, since the risk is biased towards the negative side, SHIB should break below the $0.000018 threshold to let the doors open and permit further loss for memecoin to the $0.000016 threshold in the first degree, then followed by the $0.000014 zone which is the next for nut to crack.
In the larger view, Shiba Inu is losing more than 10% of its value at press time because of the massive sell-offs that are seen all over the all. However, on-chain activity regarding the memecoin increased significantly, and the actions indicate that whales intend to return to the bullish trend in the near future.
In order to confirm a complete recovery in prices, SHIB should consolidate above the $0.000030 threshold to reach the $0.000035 area in the initial level and then eventually strengthen the memecoin’s bullish direction for the short and medium-term.