- Santiment revealed in a tweet yesterday that whale activity for SHIB spiked over the past few days.
- According to the post, 4.7 trillion SHIB coins were sent to a cold wallet, making it the 7th largest wallet on the network.
- At press time, SHIB was changing hands at $0.000008362 following a 24-hour loss of 9+%.
The blockchain intelligence firm Santiment revealed in a tweet yesterday that Shiba Inu (SHIB) has experienced a spike in whale activity after the meme coin’s price plummeted below $0.00001. According to the post, 4.7 trillion SHIB coins, estimated to be worth $41 million, were moved to a new cold wallet — making it the 7th largest wallet on the network.
Santiment’s data revealed that on-chain transactions volume of 7.69 trillion SHIB was recorded in just a 4-hour period yesterday. Interestingly, this is the highest amount of on-chain volume since SHIB established its price bottom on 9 June 2023.
At press time, SHIB was changing hands at $0.000008362 after it suffered a 24-hour loss greater than 9%. This drop in the altcoin’s price almost doubled the negative weekly performance of SHIB. Consequently, the cryptocurrency’s price was down 17.01% for the week.
Furthermore, SHIB had reached a 24-hour low of $0.000007645 but had recovered slightly to trade at its current level. Nonetheless, the cryptocurrency still had a way to go to revisit its daily high of $0.000009203.
SHIB’s price was attempting to reclaim the $0.00000845 support level at press time. This was after SHIB printed a new higher low, which led to the formation of a positive trend line. If it closes today’s daily candle above this threshold, then traders may look to enter into long positions for the meme coin — ultimately pushing SHIB’s price up to $0.00000928.
A break above this mark will then clear a path for SHIB to rise back above $0.00001 to $0.00001052 in the following week. This bullish thesis will be invalidated, however, if SSHIB fails to close a daily candle above $0.00000845 within the next 2 days. In this scenario, the altcoin’s price may plummet to $0.00000700 in the next couple of days.
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