Crypto sphere’s eyes are still on the “Dogecoin killer,” Shiba Inu (SHIB), which had recently seen some dips while the $0.000060 level holds across the board.
Last week, a big SHIB wallet famously profited $5.7 billion from $8,000 after the meme coin hit new all-time highs, and today it was reported that it had started to move some funds.
Dumping SHIB Soon? Or…
The “whale” hasn’t moved any funds from its 10 trillion tokens until now, where the Shiba Inu coin skyrocketed over 825% last month.
Overall, such a wallet holds almost 13% of the total circulating supply of the Dogecoin killer token, prompting concerns about a possible liquidation triggering a massive selling pressure. But at least, speculation is starting to fade about the wallet being a dormant one because it hadn’t seen any activity whatsoever.
In terms of transactional activity, SHIB posted just 25,000 transactions today, which suggests that its popularity is starting to decrease, according to Cryptorank’s metrics. The behavior can be explained by many crypto holders starting to take profits from the astonishing rallies seen over the last few weeks.
However, another explanation is that SHIB holders could be likely in wait-and-see mode to check if the meme coin could extend gains further as the end of the year looms, although its trading volume had dropped significantly across all exchanges implying that not many people are acquiring new SHIBs.
Elon Musk Strikes Again
But the meme coin-mania seems to be far to fade away, at least for now, as personalities like Elon Musk, CEO of Tesla, and a fanatic of the cryptocurrencies keep making headlines about these kinds of tokens.
Recently, Musk published a tweet with a meme that shows Vikings arriving at the moon first than the US.
Yup, even the moon pic.twitter.com/o9GrgL4hpe
— Elon Musk (@elonmusk) November 3, 2021
Superficially, it might not be related to any crypto-related matter, but enthusiasts of the Floki Inu coin (FLOKI) connected the dots, and thus, the price skyrocketed by over 18%. As of press time, that token is worth more than Shiba Inu, trading at around $0.0003035.
SHIB/USDT Comatose Around 50-period SMA
The current technical analysis at SHIB/USDT based on the H4 chart suggests that the price is hovering slightly below the 50-period simple moving average, which could be opening the doors for a leg lower towards $0.000060 in a first degree.
Afterward, SHIB could target the next critical handle at $0.000055 in case that the lows from the end of October give up. On the other hand, if the Shiba Inu coin gathers momentum at the current stage and cracks above $0.000075, it could resume the bull-run towards the all-time highs, although the RSI indicator remains weak.