As the market shows signs of recovery, Bitcoin is still struggling to claim $50K, ETH has done minimal effort to raise beyond $4K. However other alts on the block are doing well. XRP is up 6.3%, ADA 7.7% and LUNA up 11%.
Also Having the upper hand in the race is the meme token Shiba Inu which is up 13%. The price is receiving good demand pressure from the bottom support, indicating that a rally is on the way.
The price of the SHIB coin is still in a bullish trend, as it is trading above the 200 EMA. Furthermore, the 20 and 100 EMA lines are being reclaimed by the fresh rally.
The daily Relative Strength Index (46), like the price action, has made a strong rebound. With the hope of a bullish crossover, its line might soon reach the middle line.
Furthermore, Shiba Inu will be listed alongside six other coins on Australia’s longest-running cryptocurrency market, ‘CoinJar.’
Whales stock up on SHIB
Aside from the improved feeling among retail traders, whales have begun purchasing more SHIB than they did a week ago.
Whale-tier traders and investors have purchased approximately $200 million worth of tokens in less than a week, according to WhaleStats statistics. Total holdings are now worth more than $1.8 billion, a $300 million decrease from the previous high point.
Also, the coin is the most held asset by the top 1000 Ethereum whales, according to data from WhaleStats. SHIB is now held in these wallets in the amount of $1.7 billion.
The buying binge began with an unknown whale purchasing eight trillion Shiba Inu tokens amid the 8% price surge. The market’s price activity could have been started with the “assistance” of the aforementioned whale.
Following a massive eight trillion Shib buy, smaller whales have joined the party, with a wallet that previously held 134 billion Shib making a smaller but still important 34 billion Shib purchase.