The eyes of the crypto sphere are still on ‘Dogecoin killer’ Shiba Inu (SHIB), who had recently seen declines as the $ 0.000060 level holds across all areas.
Last week, a large SHIB wallet profited from $ 5.7 billion against $ 8,000 after the coin itself hit new all-time highs, and today it was reported that it had started to move funds.
SHIB dumping soon? Or…
The “whale” has not moved any funds from its 10,000 billion tokens so far, where Shiba Inu’s coin has climbed more than 825% last month.
Overall, such a wallet holds nearly 13% of the total outstanding supply of the dogecoin killer token, raising concerns about a possible liquidation triggering massive sell pressure. But at least speculation is starting to fade that the wallet is dormant because it hasn’t seen any activity.
In terms of transactional activity, SHIB only recorded 25,000 transactions today, which suggests its popularity is starting to wane, according to Cryptorank metrics. The behavior can be explained by the fact that many crypto holders are starting to profit from the astonishing rallies seen in recent weeks.
However, another explanation is that SHIB holders could likely be in a standby mode to check if the coin meme could extend gains as the end of the year approaches, although its trading volume has declined significantly across all. scholarships, which implies that few people acquire new SHIBs.
Elon Musk strikes again
But the coin craze seems far from fading, at least for now, as figures like Tesla CEO Elon Musk and a cryptocurrency fanatic continue to make headlines about this type of coin. tokens.
Recently, Musk posted a tweet with a meme that shows the Vikings arrive on the moon before the United States.
Yeah, even the moon pic.twitter.com/o9GrgL4hpe
– Elon Musk (@elonmusk) November 3, 2021
Superficially, it might not be related to any crypto related issues, but Floki Inu (FLOKI) coin enthusiasts made the connection and as a result the price shot up over 18%. At the time of publication, this token is worth more than Shiba Inu, trading at around $ 0.0003035.
SHIB / USDT Comatosis Approximately 50 SMA periods
Current technical analysis of SHIB / USDT based on the H4 chart suggests that the price is hovering slightly below the 50-period simple moving average, which could open the door to a decline towards $ 0.000060 in a first degree.
Thereafter, SHIB could target the next critical handle at $ 0.000055 in case the late October lows give up. On the other hand, if the Shiba Inu coin gains momentum at the current stage and breaks above $ 0.000075, it could resume the bullish run towards all-time highs, although the RSI indicator remains weak.