Following a three-day recovery period, Bitcoin and other major cryptocurrencies have shown a sign of decline today. The cryptocurrency market is all red as the world’s first cryptocurrency by market capitalization, Bitcoin has dropped below $40,000 dragging almost every altcoin.
As the crypto market is hit by negative trading, there is this meme currency, Shiba Inu positively standing as the Dogecoin killer becomes the most used smart contract by the largest Ethereum wallets.
Shiba Inu, The Most Bought Currency By ETH Whales
The wallet-tracker’s Shiba Inu page reveals that the whales have been actively accumulating the token and this has resulted in an increased Shiba Inu smart contract usage and has made it one of the most used smart contracts among the 2,000 largest Ethereum wallets.
Further, this has also added up climbing numbers for Shiba Inu’s market and on-chain metrics where the average balance on whale addresses has spiked by 2.36 SHIB tokens and volume has surged by 436%, hitting $53 million.
The one important thing that has attracted is the increase in the net flow of Shiba Inu on whale addresses which has risen by 500% which suggests that more Shiba Inu tokens have flown into the whale wallets than it has gone out. This increased inflow shows the short and mid-term bullishness of large investors.
Also, the value of the Shiba Inu holding has increased to $1.3 billion recently leaving behind its old competitor FTX token in the second place with $1.1 billion worth of tokens being held by whales.
Shiba Inu Bulls Need To Charge Up
It’s been three months that Shiba Inu is into the Adam and Eve pattern and last week it was signaling for a breakout, but the SHIB token declined into consolidation.
However, the Shiba Inu surged with Robinhood listing the token on its platform on April 12. At the time of reporting, Shiba Inu has declined by 6.17% trading at $0.00002414 over the last 24hrs.
To complete the Adam and Eve pattern, the Shiba Inu price must hit $0.0000329, and only after this, the daily candlestick close above the said resistance will point towards a breakout and strongly move towards the set target at $0.0000454.
Apparently, if the Shiba Inu bulls manage to move towards the $0.0000454 level, the currency may extend its rally towards $0.0000500.
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Source: https://coinpedia.org/altcoin/eth-whales-are-accumulating-shiba-inu-whats-next-for-shib-price/