Shiba Inu and its community have a deep relationship. When the price of Shiba Token was stuck below the moving averages, whales came to the rescue. Over 770 billion Shiba Tokens were transferred from exchanges in the past two days. The value of these Tokens is estimated at $11.40 million. Let's explore what's going on with the community's favorite meme Token and what the community should expect.
The Burden of Moving Averages
The meme token is trading at $0.00001476 at the time of writing. The price has held at $0.00001271, an old support from 2021. The 20, 50, and 100-week moving averages have squeezed the price into the ground.
Shiba Inu has been steadily losing value since March 2024, despite many developments in the Shiba ecosystem. Recently, Shibarium underwent a major upgrade and a hard fork. Another important event was the launch of the K9 mainnet.
The Great Shib Withdrawal
September 23 and 24 saw significant whale activity in the Shiba community. On September 23, there was a net withdrawal of 621 billion Shib Tokens, and data on the 24th showed a net withdrawal of 165 billion. During these two days, the total withdrawal was 770 billion Shib Tokens worth approximately $11.40 million.
Withdrawals represent investors buying assets and moving them to safe havens. The token price attempted to break the resistance that has been forming since 2021 on the weekly chart, but failed, sending the price back to $0.00001271. This is an ideal area for whales to collect, and that is what we are seeing.
Other Shiba Inu Stats
Data from IntoTheBlock shows that 48% of Shiba investors are profitable at the current price. That means 51% are losing money and 1% are investing at the current price. A total of 19.46 trillion Shiba Tokens were purchased between $0.000014 and $0.000015.
79% of investors have held this Token for more than 1 year, 19% have held Shiba Token for one month to one year and only 2% are new investors.
Look Forward!
The market has been quiet for a long time and that has affected Shiba. The recent activity of whales shows the community's dedication to this project. Whales have a special place for Shiba Inu in their portfolio. Even though there are many new meme tokens based on dogs and cats, Shiba Inu still has a unique fan base. It will be interesting to see what happens to the price of Shiba Inu when the market comes out of this bearish month.
