Main navigation

Shiba Inu: Mysterious "Buying" Activity Spotted, Here's What Happened

Wed, 08/10/2022 - 14:55
article image
Tomiwabold Olajide
Shiba Inu printed massive green candle in last hour
Shiba Inu: Mysterious "Buying" Activity Spotted, Here's What Happened
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to a CoinMarketCap chart, Shiba Inu has seen a significant amount of "buying activity'' within a relatively short time.

SHIB Transactions Chart Of The Top 100 Holders, Courtesy: WhaleStats

In the last 24 hours, WhaleStats' Shiba Inu transaction chart of the top 100 holders saw the highest transfer amount (37,372,660) recorded since July 15, with transfer counts numbering 71, which is the highest in more than a month.

SHIB/USD Hourly Chart, Courtesy: TradingView

As seen on the hourly chart, Shiba Inu printed a massive green candle in the last hour. In the lead-up to this, the Shiba Inu dip was bought for $0.00001177, illustrating the massive activity.

SHIB's Price, Courtesy: CoinMarketCap

According to WhaleStats, Shiba Inu was one of the top 10 most purchased assets among the top 2,000 ETH whales just 24 hours ago. The motive behind the massive purchases is still unknown. Whales typically use a period of accumulation and a dip to load up tokens at a discount. This might be one of the reasons for Ethereum whales purchasing Shiba Inu.

Additionally, the anticipation of wider adoption and impending launches may play a role. Shiba Inu just revealed its historic partnership with The Third Floor (TTF) for the building of its Metaverse, so Ethereum whales may see this as further positive potential to go by.

Shiba Inu price action

Shiba Inu's price dipped to a low of $0.00001197 on Aug. 9 as the market braced for the incoming U.S. inflation stats. The arrival of lower-than-expected inflation stats bodes well for the cryptocurrency market. Shiba Inu responded likewise by reaching a high of $0.0000125, as seen at press time.

Meanwhile, Shiba Inu continues to trade in a tight range since July 27, which implies an imminent move on the way. The RSI has risen slightly above the 50 neutral mark, suggesting an edge to bulls. Shiba Inu was trading at $0.00001239, up 3% on the day.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.