Shiba Inu [SHIB] has been at an all-time high for more than a year, and the token’s whales remain unconcerned despite dwindling performance.
The evidence of this unwavering loyalty was once again demonstrated when one of the top SHIB whales spent a mind-boggling amount to acquire 2.8 trillion worth of the token. At press time, the Etherscan transaction totaled $26.12 billion when the SHIB value was taken into account.
It was worth noting that this particular whale was “notorious” for snatching SHIB in massive quantities. A close examination of the wallet revealed that the whale accumulated approximately $2.3 million in SHIB between November 9 and 10.
SHIB demonstrated that it was still unfit following the operation. This was due to the meme coin only managing a 1.57% increase in the last 24 hours.
The Moving Average Convergence Divergence (MACD) on the daily chart indicated that SHIB had the potential to reclaim a sustainable bullish strength.
This was due to the close positioning of the 12 to 26 exponential moving average (EMA) above the histogram. However, both seller (orange) and buyer (blue) strengths were below the midpoint.
The On-Balance-Volume (OBV) reading was close to the bullish region. As a result, a further rise up the chart could indicate intense buying pressure.
SHIB’s on-chain condition suffered a sharp drop as a result of its exchange inflow. It had dropped to $25.16 billion at the time of publication.
This drop could be explained by SHIB investors retracing their losses after selling the token. As a result, there was fewer sales pressure. The outflow of foreign currency, on the other hand, fell to 17.74 billion. Because it was a drop, it implied that buying pressure was also not exceptional. As a result, the likely trend for SHIB is to remain in the $0.000009 range.
