Shiba Inu Rebounds Aggressively Amid Mass Accumulation by Whales
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Shiba Inu (SHIB) whales have chosen now as the best time to shop for more coins as they accumulate more tokens. As a result, SHIB has reacted positively to the development and has rallied accordingly.
According to WhaleStats, which tracks the activities of the 1,000 largest Ethereum addresses, one whale added 4 trillion SHIB (worth $149.2 million at press time) in the past 24 hours. The platform indicated that whales currently have a big appetite for Shiba Inu, noting that:
“Looks like whales are really hungry for SHIB.
An ETH whale added 4T SHIB ($136M) in the past 24 hours. SHIB is the most traded and biggest holding token among the top 1000 ETH wallets.”
At press time, SHIB is the highest coin position, in dollar value, held by this wallet, followed by $86 million in Decentraland (MANA) and $41 million in Tether (USDT). That said, SHIB represents 26% of this whale’s portfolio.
At press time, the meme coin traded up by 14% and recently touched the $0.0000375 resistance.
Meanwhile, the broader market appears to share the same sentiment with SHIB as the crypto market rose by 1.9% over the past 24 hours.
Key Shiba Inu Levels to Watch — December 22
SHIB has finally resurfaced above the $0.0000350 – $0.0000325 pivot area following a marketwide recovery. The meme coin recorded a 14% jump today, refreshing its December 12 top at $0.0000378.
That said, the bullish momentum hit a snag at the $0.0000378 top as the 4-hour 200 SMA restricts SHIB from climbing higher. With that, the 200 SMA has become the critical level for bulls to break in the near term to sustain a bullish continuation.
Failure to do so could activate a correction to the $0.0000350 support, where the meme coin should pull off a rebound and a retest of the $0.0000378 top.
Meanwhile, my resistance levels are $0.0000378, $0.0000400, and $0.0000420, and my support levels are $0.0000360, $0.0000350, and $0.0000325.
Total Market Capitalization: $2.26 trillion
Shiba Inu Market Capitalization: $17.8 billion
Shiba Inu Dominance: 0.79%
Market Rank: #13
