Shiba Inu Whales Racks Up More Adoption by Traders Despite Sell-Off
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Shiba Inu (SHIB) and most of the crypto market have lost hefty chunks of valuation this week as the market records a fresh sell-off. The meme coin currently trades down by -8.6% from the $0.0000325 level on Wednesday.
Despite this, on-chain data suggests that SHIB has attracted a significant amount of traders over the last few days. Additionally, the data revealed that the meme token has also attracted whale and institutional investors, with analytics provider WhaleStats noting that the number of active addresses on the network has increased by 88%. This increase typically occurs when entities begin making transactions or other manipulation with their funds.
However, the analytics platform noted that the increased network activity could trigger an increased selling activity as well. That said, the current sell-off in Shiba Inu comes from the bearish control across the broader market. Following the unexpected breakdown of a critical support level in Bitcoin, many crypto traders have taken flight to avoid the bearish rave and have poured into stablecoins.
Before this drop, SHIB whales have battled against FTT token whales to claim dominance in terms of whale wallets. Shiba Inu’s whale dominance recently dropped by 5%, allowing FTT token whales to claim first place as the largest holding among Ethereum network whales.
Key Shiba Inu Levels to Watch — January 7
January has been a roller-coaster of continuous sell-offs for the crypto market and Shiba Inu amid a sustained fall in Bitcoin. SHIB has adopted an overt bearish tone as it makes its way back to the pre-October boom levels near the $0.0000275 support line. The meme coin currently trades under the $0.0000300 resistance, with little sign of a bullish comeback on sight.
That said, I expect a slight consolidation below the $0.0000300 psychological level followed by a bearish continuation over the coming days.
Meanwhile, my resistance levels are $0.0000300, $0.0000325, and $0.0000340, and my support levels are $0.0000275, $0.0000260, and $0.0000250.
Total Market Capitalization: $1.98 trillion
Shiba Inu Market Capitalization: $16 billion
Shiba Inu Dominance: 0.81%
Market Rank: #13
