Unfortunately, Shiba Inus are once again in the spotlight—but not for the good reasons. Rather, SHIB has not recovered from a crucial technical breakdown and has instead been completely destroyed by the current cryptocurrency bull run. On-chain data has revealed a startling 700% increase in activity by SHIB whales amidst current market instability, which might potentially be the lifeline for this struggling meme coin.
Examining the on-chain data in great detail reveals a sharp rise in the quantity of big transactions, which are frequently connected to whale movements. This increase might mean that wealthy people are beginning to realise the benefits of buying SHIB at these reduced prices, either as a way to hedge against potential future price increases or as a way to average down on their current holdings.
The Shiba Inu pricing chart presents a dismal image. Following a period of consolidation inside a narrowing range, the price of SHIB broke out of what seemed to be a declining triangle pattern. SHIB reached new lows as a result of the abrupt and severe breakdown, which showed no signs of abatement. Any short-term bullish setups that traders may have anticipated are nullified by this pattern violation.
The notable decline in SHIB’s price throughout the bull run and the absence of a robust recovery following the triangle breakout have cast doubt on the company’s capacity to bounce back. The general investing community finds it difficult to place the same amount of trust in meme currencies like SHIB, since market flows tend to move towards heritage assets like Bitcoin and Ethereum. On the other hand, SHIB may benefit from the whale activity that has been seen. If these significant investors keep adding to their holdings, the market as a whole may begin to see riskier assets like meme coins again, which might stabilise the price and possibly spark a rebound
