Are Shib Whales Gearing Up for Shiba Inu (SHIB) Rally?
- SHIB whales recently went on an accumulation drive, racking up as many tokens as possible.
- Despite the whale activity, the price of SHIB has fallen over the last 24 hours.
- On-chain and exchange activities for SHIB remain dormant.
Meme token (SHIB) has seen a price drop over the past day and week, according to CoinMarketCap.
At the time of writing, the crypto market tracking website shows that SHIB’s price is trading at around $0.000012 after a 24-hour price decline of 1.45%. The meme token’s daily performance has been a major contributor to its weekly performance, as the token’s price has also fallen 1.48% over the past seven days.
This negative performance in SHIB’s price came after whales bought large amounts of the token, which initiated a ripple effect that saw other whales following suit almost immediately. According to ShibaPlay, a whale who bought 193,923,219,456 transferred the large quantity of newly-bought tokens.
Daily chart for SHIB/USDT (Source: CoinMarketCap)
On the daily chart for SHIB/USDT, the price of SHIB is looking to test the resistance level being maintained by the 9 exponential moving average (EMA). However, the MACD and RSI indicators signal a bearish force on the meme token’s price, as both technical indicators have recently raised bearish flags.
The latest SHIB whale activity may be whales giving off a slight hint of things to come for the token’s price. This is somewhat evident with data from Glassnode that shows whales are moving their SHIB out of exchanges.
Despite the whale activity, SHIB investors and holders have not yet come to the party, as data from Santiment shows that the 24-hour volume for SHIB has fallen. The data also showed that the number of active deposits has been lackluster at best. This suggests that whales are the only ones acting on the accumulation opportunity that they have identified.
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