The trading volume of the Shiba Inu whale skyrocketed 640% as seen in the coin’s 24-hour trading volume. Increased buying or selling activity among whales has reached 61%.
Large transactions that were seen on active addresses of SHIB holders were noted in the last 24 hours which increased to 57.41%. The SHIB price increased by 3.06% which coincides with the Shiba Inu moving back to the key support level of 0.00001.
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SHIB trading volume down 7.48%
At press time, the Shiba Inu is trading at $0.000001044, down 7.48% overnight and 12.84% down on a weekly basis. The momentum of bitcoin and other altcoins also negatively affected Federal Reserve regulatory issues related to the crypto market.
So far, Shiba Inu is considered to be the largest coin among all ETH whales. The top 1,000 ETH whales are currently holding more than $641,196,371 on SHIB.
For two weeks, the SHIB price has been bullish, but now it’s in a mess. The bullish streak started on 12th July, pushing the SHIB up 34% before the price collapsed.
Currently, SHIB has slumped to 2% which is an extension of its bullish streak at 7% yesterday.
Will the Shiba Inu hold back and be bullish?
The price jump of SHIB was triggered by the news that it would be launching a new Metaverse Collective card game called SHIBA Collective Card Game in association with TREAT. In addition, there are reports that Mem Coin is set to introduce SHI, a stablecoin.
Recently, Shiba Inu launched the SHIB Burn Visa Card, which is said to be the first card of its kind that burns the SHIB while transacting. The announcement was posted on Twitter via a video teaser with the caption, “Pay, burn SHIB.”
SHIB total market cap at $5.8 billion on the daily chart | Source: TradingView.com
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In addition, US printing company, Printful, has started accepting SHIB payments and other cryptocurrencies through Bitpay.
SHIB price was able to break the $0.00000125 resistance area. But, the price bounced back almost immediately as it is trading below the resistance level.
Thereafter, the SHIB price continued to decline and turned bearish with today’s drop of 2%. The trend shows that the price of the coin will continue to decline. The daily chart also shows that SHIB price will continue to decline in the coming trading sessions.
SHIB price is predicted to decline further and reach a low of $0.0000095. Nevertheless, SHIB is likely to outperform if the price breaks further above $0.00000116.
Featured image from CNTraveler, chart from TradingView.com