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What long SHIB traders need to worry about over the next 24 hours

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Of all the meme coins in the market, SHIB has managed to garner the most traction of late. Why? Well, thanks to its recent 1200% surge in October. Post that, however, SHIB has applied the brakes. In fact, SHIB went on to shed close to 50% of its value.

Meme coins have, more often than not, taken due advantage of optimistic broader market trends. Several instances from the past advocate the same. Even in the last 24 hours as most of the top coins rallied, SHIB didn’t hesitate in following their footsteps.

After the meme coin pumped by more than 20% on Friday, it seemed even more likely that SHIB will re-attain its previous highs.

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Obstacles on SHIB’s path

Well, it would be quite a challenge for SHIB to continue registering green candles on its short-term price chart going forward. The reason – Pessimistic trader sentiment.

At the time of this analysis, the funding rate curve on almost all the exchanges was trending south. Usually, a positive funding rate brings to light optimistic trader sentiment, while a negative rate underlines collective bearish sentiment.

Sentiment usually plays a key role in pushing any given trend further. However, looking at the way things have panned out for SHIB recently, it doesn’t seem like this altcoin would be able to sustain its uptrend for long.

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Source: CoinGlass

SHIB’s OI curve also seemed to be heading down south, at the time of writing. A high Open Interest usually corresponds to brewing speculative interest of derivative traders. It parallelly also indicates that additional money is flowing into the ecosystem.

Looking at the current deficient levels, it can be said that derivative traders are hardly attracted to this coin at this point.

Source: CoinGlass

Furthermore, the long-liquidations exceeded the short liquidations by over $389.8k on 20 November. When such a scenario unfolds, it usually means that the market has started supporting short traders instead of longs.

In fact, a peek into the long-short difference brought to light that a majority of traders were turning bearish, with the number of shorts significantly exceeding the number of longs.

Source: CoinGlass

Even on the price chart, SHIB was seeing trading below its moving average at the time of writing. The meme coin was sandwiched between a major support level and resistance level. Given the broader sentiment of traders, the odds of SHIB re-vising the $0.00004193-mark in the next 24 hours seems to be more likely than it breaking above $0.00005686.

Thus, long traders need to be wary of the sentiment of fellow traders before placing any further long bets at this point in time.

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SHIB/USDT || Source: TradingView

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SHIB

$200 Million Worth Shiba Inu and Other Tokens Stolen from BitMart Exchange

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Cayman Islands-headquartered cryptocurrency exchange BitMart has suffered a $200 million hack, according to data provided by blockchain security company PeckShield.

Initially, PeckShield tweeted that $100 million worth of tokens were stolen from one of the exchange’s Ethereum hot wallets.

Shiba Inu (SHIB) is at the top of the list of affected assets. The hacker made away with 893.8 billion SHIB tokens (roughly $33.4 million at press time).

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Saitama (SAITAMA), Dogelon Mars (ELON) and Akita Inu (AKITA) were also among more than 20 cryptocurrencies that were stolen from Bitmart.    

Later, PeckShield also added $95 million worth of Binance Smart Chain-based tokens. SafeMoon (SAFEMOON) accounted for almost half of the sum, with the hacker pocketing 29.4 trillion tokens ($43.8 million at press time).     

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BitMart has acknowledged the security breach in a statement, claiming that only a small percentage of its total assets has been affected by the incident.

According to Sheldon Xia, BitMart is yet to determine the possible methods that were used to pilfer the wallets.  

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The attacker has already started withdrawing their stolen funds with the help of Ethereum-based mixing service Tornado.cash.

According to CoinGecko, BitMart is in the top 20 exchanges by trading volume.

Last month, TechCrunch reported that it was seeking a valuation of $300 million

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Shiba Inu Remains Top Holding in Whale Wallets After Market Drops by 25%

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While most traders are selling their holdings amid cryptocurrency market correction, SHIB remains one of the strongest positions on whale-tier addresses

Shiba Inu meme token has been the most popular token among whales during both local bull and bear cycles on the cryptocurrency market. With the current bloodbath continuing on both the Bitcoin and altcoins markets, Shiba maintains its strong place on whale-tier addresses, according to WhaleStats.

Whale wallet holdings

According to the total whale holdings in the 1,000 largest Ethereum wallets, Shiba Inu still remains the largest position among whales with $2 billion worth of tokens held currently. While the USD value of holdings remains the same, the percentage (or the dominance) among whales has decreased significantly.

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At press time, Shiba Inu holdings remain at 8% dominance, while “Other” smaller tokens account for 7.89% of all holdings coming closer to the dog-based meme coin.

Market performance

Unfortunately for its investors, Shiba Inu did not become a safe haven asset and lost approximately 15% of its value. Compared to the market in general, SHIB token was in the middle of the biggest losers leaderboard, sitting with tokens and coins like Doge, Ethereum and Avax.

Shiba Inu Daily Chart
Source: TradingView.com 

After a strong correction, Shiba Inu now remains at a total loss of 66% from its last peak. At the beginning of the week, a rapid and unexpected rally was initiated on the market, which led to a 40% short-term pump of the token’s price.

At press time, SHIB token trades at $0.00003453, with 15% negative performance now and 26% minimum.

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What are the chances for Dogecoin, Shiba Inu to be rescued by immediate recovery

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Just like large-cap coins, the state of the market’s meme-coins too has been in dire straits over the past few hours. DOGE and SHIB had in fact shed more value in the past day when compared to the past 7-days in total.

Despite the massive dip, both the meme-coins were seen exhibiting signs of recovery, at press time. As can be seen from the chart attached below, the past three odd hours have fairly been good for both these coins.

DOGE managed to pull up its socks and register two green candles in the aforementioned timeframe. SHIBA’s recovery, on the other hand, looked even more concrete as it successfully managed to register three-successive green candles on its hourly chart.

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Interestingly, their volumes too [depicted below the candlesticks] have been decently high over the last couple of hours. Thus, indicating that a fair share of participants has indeed started “buying the dip.”

DOGE/USDT, SHIB/USDT || Source: TradingView

So, will they start barking louder now?

Less than a week back SHIB broke above its descending channel and registered consecutive green candles. It however did dunk in value right after. The latest dip, in retrospect, didn’t seem to be too deep.

On the daily chart, SHIB was seen trading slightly below the 61.8% Fibonacci level, at the time of writing. If it continues to project green candles over the next couple of hours, it would manage to reclaim $0.00003798 as support.

However, if it fails to do so, then SHIB could fall to a level as low as $0.00002413. In such a scenario if bears manage to gain control over bulls, then HODLers can expect this coin to revisit any level around $0.00000648.

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DOGE’s prospects, on the contrary, looked slightly bleak. Over the past day, the largest meme-coin had broken below most of its supports and was seen trading at a level reminiscent of what was recorded way back in July. Earlier during the day it, in fact, crawled to a low level that was last seen only in April.

So, if the downtrend continues for DOGE on its charts, and it manages to break below its $0.158 support level, then there are high chances of it paying a visit to $0.101.

Nonetheless, it managed to uphold its green-candle trend on the lower timeframe, it would gradually be able to negate its losses and inch back to $0.2 after crossing $0.182.

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Community ‘pats’

Well, the community usually plays a key role in helping meme-coins recover. At the time of writing, the sentiment data from Santiment projected quite an interesting trend.

Over the last couple of hours, DOGE mentions on social media have, by and large, been positive. In fact, the positive sentiment has successfully been able to out shadow the negative sentiment. If the trend heads in the same direction, then community members might successfully be able to aid the coin recovery, despite the sluggishness on its price chart.

similar trend was observed with SHIB too. Now, this essentially means that the community members are still backing both DOGE and SHIB, despite whatever has happened over the past few hours.

Well, even though meme-coins usually tread on Bitcoin and other large-cap alts’ pre-carved path, they’ve managed to defy that trend a host of times in the recent past. So, irrespective of the state of the broader market at this stage, these two coins might end up surprising market participants. The odds of their recovery seem to slightly outweigh the odds of them continuing with their respective downtrends at this point.

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