Shiba Inu printed massive green candle in last hour
According to the CoinMarketCap chart, the Shiba Inu has seen a significant amount of “buying activity” in a relatively short period of time.
In the last 24 hours, WhaleStats’ Shiba Inu transaction chart of the top 100 holders saw the highest transfer amount (37,372,660) recorded since July 15, with transfer counts numbering 71, which is the highest in more than a month.
As seen on the hourly chart, the Shiba Inu printed a huge green candle in the last hour. In the lead up to this, Shiba Inu Dip was bought for $0.0001177, indicating massive activity.
According to WhaleStats, Shiba Inu was one of the top 10 most purchased assets among the top 2,000 ETH whales just 24 hours ago. The motive behind the massive purchases is still unknown. Whales typically use a period of accumulation and a dip to load up tokens at a discount. This might be one of the reasons for Ethereum whales purchasing Shiba Inu.
Additionally, widespread adoption and anticipation of an imminent launch may play a role. Shiba Inu has revealed its historic partnership with The Third Floor (TTF) to build its SHIB.io metaverse, so Ethereum whales can see this as more positive potential.
Shiba Inu price action
Shiba Inu’s price dipped to a low of $0.00001197 on Aug. 9 as the market braced for the incoming U.S. inflation stats. The arrival of lower-than-expected inflation stats bodes well for the cryptocurrency market. Shiba Inu responded likewise by reaching a high of $0.0000125, as seen at press time.
Meanwhile, the Shiba Inu has continued to trade in a narrow range since July 27, which means an imminent move along the way. The RSI has risen slightly above the 50 neutral mark, which is indicating an upside trend for the bulls. The Shiba Inu was trading up 3% that day at $0.00001239.
