When a market rally comes around, smaller altcoins tend to attract more attention from investors and exhibit more agreeable price trends.
Shiba Inu has once again received the attention of whales, typically one of the largest Ethereum wallets that bought nearly 60 billion SHIB tokens.
🐋 ETH whale "Light" just bought 58,900,000,000 $shib ($1,906,592 USD).
Ranked #3 on WhaleStats: https://t.co/g2Ri3NWSgL
Transaction: https://t.co/rnlLyh85K5#SHIB #ShibArmy
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) -
The Shiba Inu price has surged 20% in the last three trading days after two news emerged that SHIB was listed on the Robinhood app and that the token had reached oversold levels. Aside from the negative price performance, the main support of whale buying was almost non-existent as the price dropped below $0.00003.
Furthermore, the Shiba Inu has almost completely lost its purchasing power from retail traders. With the buying power from both support groups gone, Shiba Inu entered a deep correction, losing about 70% of its value from its all-time high.
First sign of recovery
One of the first signs of a Shiba Inu recovery in the market came after yesterday's 15% rally. This rally was fueled by the overall recovery of the altcoin market.
Besides, the market is also showing an extremely rare sequence signal, which has previously successfully "predicted" five reversals in the market. Based on the technical conditions of the market, many analysts note that the crypto industry will soon recover in the short term.
At press time, Shiba Inu is trading at 0.00003231, up more than 10% over the past 24 hours.
Read more:
- Coinbase Acquires FairX to Enter Derivatives Market
- Bank of America: Solana Could Be the 'Visa of Cryptocurrency'
- What does GARI Network (GARI) have to get on Huobi Primelist?
