The biggest Ethereum whales have seized a hefty amount of Shiba Inu (SHIB) as its price soared by over 10%. Thanks to this move, SHIB price has returned to an important price range.
Whales snatched 4.35 trillion SHIB
Over 4.5 trillion SHIBs have fallen into the hands of Ethereum whales in the past three days. Whale-watching bot WhaleStats reports that the top 100 Ethereum whales have purchased 855 billion SHIB in the past three days. Also, a dazzling 3.3 trillion Shiba Inu were transferred by anonymous wallets a few days ago. WhaleStats added that in the past three days, whales have purchased a total of 855 trillion Shiba Inu worth $9.6 million.
On September 21, the total SHIB stash of whales reached $125 million. So far, the total SHIB in whale wallets has risen to $134.7 million in dollar terms. Also, three days ago, two anonymous wallets exchanged $37 million worth of SHIB. With these transactions, the SHIB price is up more than 10% compared to the last 24 hours. However, it should be noted that the purchases were not effective at first. The SHIB chart requires close monitoring as the price is back in a critical range.
Shiba Inu (SHIB) returns to key price range
The 50-day moving average is an important price level that must be broken to reach more significant price levels. After the breakout, Shiba will officially enter an uptrend. Thus, it will provide some profit to its investors.
Unfortunately, the breakout we mentioned above will not put the Shiba Inu above the 50% profitability level. To be profitable once again, SHIB will need to rise above the $0.00002 price level. Previously, the majority of individual investors were liquidated around the price. Shiba then looked for lower entries when it was close to $0.00001. As we see it today, the Shiba Inu faces a huge increase in selling pressure every time it manages to break through the local resistance levels due to the high concentration of tokens in the hands of small and medium whales.
Volume still decreasing
Despite the positive price performance, the trading volume of Shiba Inu is still declining. Therefore, the volatility of the token remains at an extremely low level. Such a trend is a negative factor for a token that relies heavily on speculative attractiveness.
The fundamental growth of the Shiba Inu ecosystem has not been enough to keep it in line with industry giants like Ethereum or Cardano. The availability of the meme token mostly depends on the Shibarium Metaverse, which is under development. cryptocoin.comAs you follow, the Shiba Inu is currently trading at $0.000012.
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