Shiba Inu was trading at its lowest when compared to Dogecoin in November 2022, but now, the situation has changed during the last three months. Shiba Inu is making a concerted effort to beat Dogecoin as the most-loved meme-coin. SHIB has beaten its major opponent, Dogecoin, during the previous 30 days, rising by 61% compared to DOGE’s 23% growth.
Ali Martinez, a trader and cryptocurrency analyst took to Twitter on Monday and said that the price of SHIB, the second-largest meme coin by market capitalization value, may change by 10% from where it was at the time. The analyst advised keeping an eye on the chart’s area where the SHIB price might either continue to rise or start trending downward.
Martinez shared a chart for the 1000SHIB/TetherUS Perpetual Futures. He advised traders to wait for a 30-minute candle to close above the $0.0146 level or below $0.0142 in order to confirm the upward price trend. Either will indicate the way the SHIB price will begin to move from that point on.
Looking at the chart right now, a red 30-minute candle appeared, and the price has since dropped by more than 3%.
The on-chain activity supports the bullish thesis
The 5,000 largest Ethereum whales currently possess a sizable amount of SHIB tokens, valued at $708,456,318. This information comes from WhaleStats. SHIB is now the largest non-ETH holding among Ethereum whales.
The number of significant whale transactions involving SHIB is increasing along with interest in the digital asset. For instance, a whale transferred 3,216,307,240,798 SHIB tokens worth $47.6 million to an unidentified wallet last weekend.
This is mostly because Shibarium, the layer-2 protocol it launched, is a layer-2 blockchain created to address Ethereum, the SHIB token’s host chain’s low performance and high transaction cost.
