Whales still believe in Shiba even after 40% retrace
Following the global cryptocurrency market sell-off, Shiba Inu whales are not leaving their favorite meme-token behind and are looking forward to buying more—just like this whale that has purchased 171 billion tokens.
Two large transactions
The first large transaction appeared on the blockchain one day ago when the whale bought $6 million worth of SHIB tokens. The token has been trading around $0.000049 after a massive correction on the cryptocurrency market overall.
Eleven hours after the execution of the first order, the whale decided to buy another, smaller portion of Shiba Inu tokens and got himself or herself another $2.3 million worth of tokens when Shib fell even lower to $0.000048.
The more whales the better?
With increased control by whales, market participants expect a trend reversal. After Shib reached the previous ATH, the share of whales on the network slightly decreased, which led to a massive 45% correction in less than a week.
With an increasing number of whales on the market, retail traders will no longer constitute the majority of the market, and whales—in contrast to small traders—tend to hold their position until new highs arrive.
Shiba Inu market
As for now, SHIB is trading at the new local low of $0.0000479 after losing almost 10% of its value yesterday, which was 16% before retracing up. According to trading volumes, retail traders are now almost 98% less interested in speculating with the Shiba Inu token.
The main reason for the rapidly decreasing interest is the massive loss in the token’s value, which will return to post-pump prices if it goes through another 40% correction. This is unlikely to happen due to the abundance of selling power, or even buying power, on the market.
Premiere League Clubs Under Investigation Over Dubious Crypto Partnerships
The English Premiere League is investigating questionable crypto deals.
The English Premier League will take a closer look at the increasing number of cryptocurrency deals signed by its clubs, The Times reports.
The top tier of the country’s football pyramid doesn’t regulate such partnerships.
The news comes after Manchester City had to put a cryptocurrency deal on hold after it came to light that none of the executives mentioned in the press release had any sort of online presence. This gave ground to speculation about whether or not the company actually exists.
According to the Times, the EPL itself is mulling over forming a tie-up with a non-fungible token platform for issuing digital collectibles.
Strapped for cash, clubs view cryptocurrencies and NFTs as a viable source of revenue, but they are also concerned about their negative impact on fans.
Shiba Inu Whales Gobble Up Billions Worth of SHIB Following Announcement of New Gaming Partnership
Crypto whales are loading up on more Shiba Inu (SHIB) following news of the altcoin project’s potential expansion into the metaverse.
Whale-tracking platform WhaleStats reports that of the top 100 Ethereum wallets holding SHIB, the average balance increased by a whopping 42.7% to 2.523 billion in the past 24 hours alone.
The quick accumulation puts the average value of Shiba Inu sitting in each of these wallets at over $100 million at time of writing.
The massive accumulation comes in the wake of the Shiba Inu team announcing that the company has hired gaming industry veteran William Volk to help guide its foray into the metaverse.
Volk brings decades of video game experience to his new role, including having previously served as vice president of technology for industry leader Activision.
In a blog post by SHIB developer Shytoshi Kusama, he explains that while the overall project remains decentralized, Shiba Inu Games will utilize skilled contractors to create a product compatible with the Apple and Android operating systems.
“The only way to create a 7-figure game that is worthy of 1 million FriendShibs is to find a perfectly fitting AAA studio and build it with them. However, landing a great AAA game studio that has worked with the likes of Disney and Warner Bros. isn’t enough. To manage making a game, from concept to completion, requires dedication, experience, connections and wisdom that only a few people can provide.
I’m happy to announce that the consultant who will lead the charge for the Shiba Inu Games version of the Shiboshi game is none other than William David Volk. Will has seen the vision in full (and knows the AAA studio) so I’m actually excited to share his quote on working with on this unique project:
‘I am honored to be working with an amazing team on what will become one of the most significant games of all time.’”
At time of writing, SHIB is up 4.78% on the day to $0.00004. It is one of the best-performing cryptos of the year, currently up over 73,000,000% since November of 2020.
SHIB Price Analysis: Shiba Inu aims to break downtrend as meme coin steps into gaming
- SHIB price analysis turned bullish for today, rising by more than 5%
- The volumes also rose by tremendous numbers
- The daily high for the token reached $0.00004212
As per data from CoinMarketCap, the trading volume for the token rose by a whopping 6.47%, standing at $1.88 billion. The daily candle opened today at $0.00003911, reaching a daily high of $0.0004212 and a daily low of $0.00003830.
The coin claims the market position of 12 with a 6.74% rise in market capitalization, standing at $22.1 billion. In the past seven days, the token rose from $0.00003599 to $0.00004754 and is currently a 54.32% low from the all-time high of the token at $0.00008845.
SHIB prices rose by 830% in the month of October, starting at $0.00000721 and rising to the all-time high at $0.00008845. On the other hand, the token has dropped by more than $38% in the month of November.
The SHIB price analysis is currently experiencing a downtrend but, this seems to be a correction from the previous bullish phase. Recently, the lead developer of the SHIB team said that the team is looking to develop a Shiba Inu game. This seems to have affected the token’s price action.
SHIB price analysis using indicators
The indicators are now turning bullish as the prices continue to move above the 100-day Moving Average. The 50-day Moving Average is currently above the price action, indicating that the bulls will try to reclaim the important zone in the near future.
The prices broke down from the lower end of the Bollinger Bands, but after the correction, they are trying to take over the 50-day Average and form an uptrend. Currently, they progress upwards from the bearish zone of the Bands.
The RSI levels indicate a surge in buying pressure as the gradient is positive and the RSI line is trying to enter the bullish region, i.e., above the 50-level. The accumulation of the Shiba Inu token is also rising, and it seems that holders are buying the token and holding on to it, expecting higher prices.
The SHIB price analysis can be concluded on a bearish sentiment for today as the token rose by around 6%. This bullish sentiment of the market was due to Bitcoin gaining the important support of $57,000, and now, we can expect an upwards rally towards $60,000 which will be the next target.