Shiba Inu Investors Acquire an Additional 223.28 Billion SHIB as Market Bleeds
The financial markets bleed amid rising tension from the Israeli-Iran conflict and unexpectedly high US inflation data. The recent market-wide dip has sent ripples of price decline across most asset classes, including cryptocurrencies.
Amid the onslaught, SHIB crashed to the $0.00001830 price level. Following the downturn, Shiba Inu whales embraced the buy-the-dip strategy, actively accumulating more coins in anticipation of a rebound.
Investors Enter Accumulation Phase as SHIB Declines to $0.000018Reports show the stock market bleed massively over the weekend, with massive declines across various stocks, including the S&P 500. Bitcoin was not left behind as it briefly slipped to $62,000 on April 13, dragging altcoin down with it.
As a result of this downturn, Shiba Inu slipped off the $0.00002 support, sending panic across the market. The Shiba Inu market recorded massive accumulation as whales went on a buying spree, bagging over 223 billion SHIB amid the downturn.
Etherscan data shows a new whale address purchasing 107.1 billion Shiba Inu tokens on April 13, a few hours after SHIB collapsed to a six-week low of $0.00001830.
Another new whale address purchased billions of SHIB tokens from Coinbase in three transactions. The first and second transactions involved 23.3 billion and 27.29 billion SHIB, respectively. In the third transaction, the wallet received 21.92 billion SHIB tokens at 12:26 a.m. EST.
Another prominent SHIB whale joined the accumulation frenzy, purchasing 13.7 billion SHIB today. A few minutes after this purchase, another 29.6 billion SHIB tokens were sent to a whale address from a Coinbase wallet.
Impressively, all these whale addresses have held onto their SHIB coins and continue to buy more. This indicates some sort of ongoing buy-the-dip campaign.
Notably, Bitcoin investor Oscar Ramos hinted at accumulating SHIB and other tokens during the current cycle. Also, a member of the SHIB Army, Digarch Shib, shared his bullish sentiments about Shiba Inu on X.
According to his analysis, SHIB needs to rally just 300% to make the SHIB Army profitable. Also, Digarch Shib believes that SHIB can rally by 300% in a single day to reward holders.
What Next for Shiba Inu?SHIB has formed two consecutive green candles on the daily chart. It has flipped the $0.00002186 resistance to support. The buyers are mounting pressure to break above the $0.00002382 resistance level.
The RSI indicator is 42.23, approaching 50, confirming a buyer's return. If this happens, SHIB will move above the Donchian Channel (DC) median band, signaling a rally.
So, based on these indicators, SHIB will likely break above the $0.00002382 resistance level in the coming days.
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