As seen on its daily chart, Shiba Inu remains in support around the $0.0000117 to $0.0000119 level, holding above this level since May 15. While the price seems ready for incoming price movement, the daily RSI is tilting slightly upward above the oversold levels, suggesting the possibility of a near-term move.
Meanwhile, Shiba Inu continues to trade in a triangle pattern with support near $0.0000087, according to its weekly chart. With the imminent constriction of the triangle pattern in the coming days, a major move might be underway. If history repeats itself, Shiba Inu might embark on sideways trading, or consolidation, before its next move.
At the time of publication, SHIB was trading up 3% at $0.0000123 after setting intraday highs at $0.0000127. Buyers seem to be seeking potential entry points into the market as the meme cryptocurrency trades beneath the $0.000014 mark.
Shiba Inu returns among most purchased tokens by whales
As reported by WhaleStats, Shiba Inu returned among the top 10 most purchased tokens by the 2,000 biggest ETH whales today. The meme cryptocurrency also remains one of the top 10 in terms of trading volume. A WhaleStats analysis of the top 100 Shiba Inu holders demonstrates a 409% increase in volume.
? The top 1000 #ETH whales are hodling— WhaleStats - BabyWhale ($BBW) (@WhaleStats) May 17, 2022
$1,060,559,184 #FTX Token
Whale leaderboard ?https://t.co/jFn1zIOq03 pic.twitter.com/ux2gw1Ws7D
During periods of consolidation and market dips, whales typically take the opportunity to buy tokens at a discount. An Ethereum whale named "BlueWhale0073" recently bought 375,977,961,547 SHIB valued at $4,568,132.
According to WhaleStats, Shiba Inu remains the second-largest holding of the top 1000 ETH whales, who now "hodl" $740,126,401 worth of Shiba Inu.
? Top 10 purchased tokens by 2000 biggest #ETH whales today— WhaleStats - BabyWhale ($BBW) (@WhaleStats) May 17, 2022
5️⃣ $SHIB @Shibtoken
6️⃣ $WOO @WOOnetwork
8️⃣ $APE @apecoin
9️⃣ $CRV @curvefinance
? $LINK @chainlink
Whale leaderboard ?https://t.co/R19lKnPlsK pic.twitter.com/7fpWfapZCX
Shiba Inu has gained nearly 20,000 holders since the start of May. According to WhaleStats, the total number of SHIB holders is currently 1,169,694.