Whales Stirring: On-Chain Data Reveals Shiba Inu’s Bullish Signs

•Shiba Inu built an unconventional Doji pattern last week, showing signs of bullishness.
•Ethereum whales have switched strategies and are diversifying their portfolios with SHIB.
•On-chain data shows large transactions as a sign of bullish market activity for SHIB.

Shiba Inu On-Chain Data Depicts Whales Stirring from Slumber

The popular memecoin Shiba Inu (SHIB) has stumbled upon resistance after last week’s bullish breakout. Despite reaching the seven-day high of $0.00000838, SHIB encountered bearish pressure on Sunday 16th and has traded below the $0.000008 resistance line for most of the week.

Whales Switch Strategies

This signifies a change in top Ethereum whales’ behavior. The newly-adopted strategy likely involves moving around a percentage of the liquidity in the largest caps and spreading it around popular cryptocurrencies with relatively smaller market caps than BTC or ETH.

Can Shiba Inu Eat A Zero?

At press time, the SHIB trades at $0.00000791, according to CoinGecko . While the canine coin lost 1.5% of its value over the week, the monthly perspective still looks green for Shiba Inu, with 8.3% gains. In comparison, the leading digital asset Bitcoin (BTC) , scored 3.3% in the same time frame, while the weekly deficit stands at 4%. This diversification by Ethereum whales contributed towards $SHIB holding its crucial support levels of $0.000007950.

On-Chain Metrics Show Bullish Activity

The upsurge of top Ethereum whale trading activity is also evident in the on-chain metrics. Blockchain data analytics company IntoTheBlock presents an even split in the live data – large transactions and net network growth are the two bullish signals.

Conclusion

. With a 1.15% increase in large transactions, Ethereum whales seem to be topping up their $SHIB stash, as the canine memecoin is already the top-held asset among the TOP 100 whales, according to WhaleTracker . However, a slightly bearish concentration indicator means that not many new whales are joining this trend.

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