Shiba Inu Whale Scoops 50 Billion SHIB In Single Day After Earlier Ditching Bigger Amount
The cryptocurrency market has been abuzz with the news of the Shiba Inu (SHIB) token since the start of 2023. Ryoshi, the creator of Shiba Inu, proposed a Layer 2 solution named Shibarium which has been teased by the lead developer and cofounder of the Shiba Inu ecosystem, Shytoshi Kusama.
Whales have been enticed by the hype surrounding the Shibarium upgrade, which has seen the token gaining 14% in the bi-weekly time frame, and currently trading at $0.00001312 according to CoinGecko.
On Valentine’s day, whales accumulated over 50 billion SHIB worth more than $600,000 during the time of the transaction. This comes after the same whale disposed of some 70 billion SHIB last week valued at around $956,200.
The broader financial market experienced a selloff with both equities and crypto sustaining losses. This was caused by uncertainty in the macroeconomics of the United States and globally.
Increased Whale Activity And Improving Macros
SHIB has been a favorite of whales for a long time. According to WhaleStats data, the token is the third most held cryptocurrency with an average amount held of over $6.8 million. At the time of writing, the whale holds a staggering 13.7 trillion SHIB worth about $187,600,000.
The recent whale accumulation might be a sign that whales are willing to take more risk for long term gain. This positive sentiment reversal came after the release of the month on month consumer price index report.
The US Federal Reserve recently released multiple macro indicators that show a somewhat improving macro situation. MoM CPI stood stagnant at 0.5% with the year on year CPI going down from 6.5% to 6.4%. Consumer spending has also increased, showing that individuals have more confidence in the macroeconomic situation. These are signs of the Fed’s aggressive quantitative tightening measures.
Shibarium Upgrade Eyeing Close Release
Kusama recently tweeted about how the network upgrade is close to being released. This release might be in early March, instead of the supposed Valentine’s Day release. With Kusama releasing the first blog post regarding the network upgrade, we might see a big price movement for SHIB on the day of the release.
At the moment, SHIB’s total market cap is at $7.1 billion on the daily chart. The token’s current momentum is being stopped on its tracks by the resistance level at $0.000014. This resistance, if not broken in a shorter time frame, might restrict SHIB’s short to medium term goal. For the meantime, investors and traders should continue to target this resistance for a bigger move upwards.
The hype and anticipation around the Shibarium upgrade has been a major factor in the increase in whale activity and the token’s price. The Layer 2 solution proposed by Ryoshi is expected to be released in the coming weeks and it is likely that the release of the first blog post about the network upgrade will result in a price surge for SHIB.
The US Federal Reserve’s macroeconomic indicators show that the macroeconomic situation is improving, which has seen investors gaining confidence in the market and taking more risks for long term gain. The MoM CPI stood at 0.5% and the year on year CPI went down from 6.5% to 6.4%. Consumer spending has also increased, showing that individuals have more confidence in the macroeconomic situation.
The current resistance level of $0.000014 is the key to SHIB’s short to medium term goal. If this resistance is broken, we could see a big price surge for the token. Investors and traders should continue to target this resistance for a bigger move upwards.
Overall, the hype and anticipation around the Shibarium upgrade has been a major factor in the increase in whale activity and the token’s price. The Layer 2 solution proposed by Ryoshi is expected to be released in the coming weeks and it is likely that the release of the first blog post about the network upgrade will result in a price surge for SHIB. The US Federal Reserve’s macroeconomic indicators show that the macroeconomic situation is improving, which has seen investors gaining confidence in the market and taking more risks for long term gain. The current resistance level of $0.000014 is the key to SHIB’s short to medium term goal and investors and traders should continue to target this resistance for a bigger move upwards.
