Shiba inu and its community have a deep relationship. As the price of Shib token got stuck under the moving averages, whales came to rescue it. In the last two days more than 770 Billion Shib tokens have been moved out of the exchanges. These tokens account for around $11.40 million. Let’s explore what is happening with the community favorite meme token and what the community should expect.
The Burden of Moving Averages
The meme token is trading at a price of $0.00001476 at the time of writing. The price has taken a support at $0.00001271, an old support since 2021. Weekly moving average 20, 50 and 100 have forced the price to stay on the ground.
Shiba Inu has been continuously losing value since March 2024, even though there have been many developments in the shiba ecosystem. Recently Shibarium has undergone a major upgrade and hard fork. Another major event boosting the Shib ecosystem is the launch of K9 mainnet.
Shib Massive Outflow
September 23 and 24 recorded massive whale activity in shiba. On September 23, there was a net outflow of 621 Billion Shib and as of 24 the partial data shows an outflow of 165 Billion. For these two days the total outflow totals for 770 billion shib tokens valued around $11.40 million.
The outflow represents investors buying the asset and moving to their custody for safe keeping. The Price of token has tried to break the trend line formed in the weekly chart since 2021, but failed, causing the price to ground back to $0.00001271. This is a great zone for whale accumulation and that is what we are witnessing.
Shiba Inu other Metrics
Data from IntoTheBlock shows that 48% of the Shib investors are in profit at current price. That leaves 51% in the loss and 1% of people who invested at the current price. A total of 19.46 trillion shiba tokens were purchased between the price range of $0.000014 and $0.000015.
There are 79% investors who have been holding this token for over 1 year, 19% investors have been holding shiba tokens between one month to one year and only 2% are the fresh investors.
Looking Ahead!
The market has been dormant for quite some time and that has been affecting shiba as well. The recent whale activities shows the dedication the community has for the project. Also Whales have a special place for shiba inu in their portfolio. Even after the launch of multiple dog and cat based meme coins, shiba inu still has a unique fan base. It would be interesting to see what will happen to the price of shiba inu once the market comes out of this bearish month.
