Shiba Inu: Bulls Take Lead as Top Whales Buy the Dip
Shiba Inu is back in the news again, with the latest data from Puppyscan revealing that the Shibarium beta, also known as Puppynet, has recorded a significant increase in the number of connected wallets. The total wallet count has now exceeded 14 million, standing at 14,061,630. Although this growth is smaller compared to the earlier week, Puppynet has still added approximately 100,000 wallets since Thursday.
Shibarium beta launched a month ago, and within a month, the number of transactions per day peaked at 891,165. Today, the overall transaction count stands at 4,637,988. The latest figures from Puppyscan show that the number of Shiba Inu holders is on the rise, with more investors embracing the cryptocurrency.
Bulls Take the Lead from Bears
In other news, according to cryptocurrency intelligence portal IntoTheBlock, large investors bought 200 billion more SHIB tokens than they sold last week. The weekly total of Shiba Inu tokens purchased by this category of crypto market participants amounted to 14.7 trillion tokens.
However, bears currently outnumber bulls in terms of the number of addresses, with 128 bear addresses compared to 126 bull addresses. It's worth noting that IntoTheBlock's methodology only considers addresses that account for at least 1% of the token's total trading volume.
Interestingly, this shift in investor sentiment comes after SHIB suffered a debilitating 12% crash over the past seven days, according to data from CoinMarketCap.
Top SHIB Whales Buy the Dip
Finally, despite the recent bearish trend, the number of Shiba Inu buyers is increasing, and the dynamics suggest a potential shift in favor of bulls. In the cryptocurrency market, whales, or large holders, often take advantage of periods of price dips or consolidation to buy at a discount. This is the case with Shiba Inu, as top whales are reportedly buying the dip.
Crypto data tracker WhaleStats has reported that the top ETH whale, BlueWhale0073, ranked 254th among the biggest whales that WhaleStats tracks, recently purchased 311 billion SHIB in two tranches. The first transaction involved the purchase of 194,114,774,578 SHIB tokens worth $2,069,263, while the second transaction saw the top whale acquire 117,883,960,216 SHIB tokens worth $1,256,643.
SHIB Price: Bulls Need to Fight for Control
In an Icarus-like price action, Shiba Inu suffered a crushing blow after it flew too close to the $0.0000120 resistance on April 16. The rejection from this level eventually forced the meme token to the $0.0000100 region, where it currently sits.
Though it’s sitting atop a somewhat reliable support level ($0.0000100), SHIB bulls still need to pull the cryptocurrency out of the current trend or risk adding another zero to the price of Shiba Inu. That said, the first target for bulls is the $0.0000110 accumulation zone, where the price can stage another attempt at $0.0000120.
Regardless, a fall below the $0.0000100 line seems unlikely at this moment, but the crypto market is quite famous for staging surprises.
SHIB Statistics Data
SHIB Current Price: $0.0000102
SHIB Market Cap: $6.06B
SHIB Circulating Supply: 589.5T
SHIB Total Supply: 589.6T
SHIB Market Ranking: #14
Feeling confident? Trade your idea on SHIB now.
Disclaimer
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.