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As the market recovery emerges, smaller altcoins tend to gain more attention from investors and show more pleasant price action. Shiba Inu has once again received its portion of attention from whales with the largest wallets on the Ethereum network, buying almost 60 billion SHIB tokens.
As TradingView suggests, Shiba Inu has gained 20% in the last three days of trading on both rumors about its listing on the Robinhood app and reaching extreme oversold levels. In addition to negative price performance, the main support of token-buying activity from whales became almost nonexistent as the price dropped below $0.00003.
? ETH whale "Light" just bought 58,900,000,000 $shib ($1,906,592 USD).
— WhaleStats - the top 1000 Ethereum richlist (@WhaleStats) January 13, 2022
Ranked #3 on WhaleStats: https://t.co/g2Ri3NWSgL
Transaction: https://t.co/rnlLyh85K5#SHIB #ShibArmy
Moreover, Shiba Inu has almost completely lost buying power from retail traders as the holders' composition suggests.
With buying power from both groups of support ceasing, Shiba Inu has entered a deep correction state by losing 30% of its value in addition to its previously lost 40% from its all-time high.
First rebound signs
One of the first signs of the recovery of Shiba Inu on the market appeared after the 15% price spike yesterday that fueled the general recovery of the altcoin market that was also considered extremely oversold.
Alex DovbnyaU.Today has previously covered the appearance of an extremely rare on-chain signal provided by the metric that previously "predicted" five reversals on the market. Based on the technical conditions of the market, numerous experts have noted that the crypto industry should experience a short-term recovery quite soon.
At press time, Shiba Inu is trading at $0.000032 with a 20% price increase in the last three days. The daily growth of the token remains at 1.9%.
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov