Shiba Inu (SHIB) Whales Move Massive 6.1 Trillion Tokens in 24 Hours

Shiba Inu (SHIB) large transactions helped hold down the fort again this week amid the concerning drawdown in the industry. Data from crypto analytics platform IntoTheBlock (ITB) uncovers a total of 6.11 trillion SHIB tokens moved in the past 24 hours, a figure that might prove pivotal in charting an imminent recovery for the token.

SHIB rebound catalysts

With Shiba Inu dropping 11% of its price value over the past 24 hours to $0.00002585, the meme coin is now at risk of a massive plunge. At this level, its drop over the past week has grown to 14.78%; however, with the ongoing slump, SHIB has managed to keep the $0.000025 level as a viable support since at least March 20.

Technical Indicators show that SHIB is experiencing “overselling” on the four-hour chart. The meme coin’s Relative Strength Index (RSI) comes in at 25, and the token is also trading around the lower Bollinger Bands. 

These indicators show that at a point, a SHIB rebound is possible, and the whale supply can help make the difference. The target for SHIB in the short term is to reclaim $0.00003, a level that served as a springboard for shooting it to the $0.00004 threshold.

Leveraging right fundamentals

The Shiba Inu token has maintained a positive outlook in a market that has triggered over half a billion dollars in liquidations over the past 24 hours. Shiba Inu has managed to maintain a positive burn rate, which has jumped by more than 2,300% to reflect the community’s commitment to the protocol’s deflationary status.

Shiba Inu remains a community-driven token, one that is making a creative pivot to offer smart contract capabilities through Shibarium. While SHIB may be experiencing a significant price drawdown, the prospects of the burn rate and Shibarium have helped fuel massive whale inflows over time.

About the author

Godfrey Benjamin