U.Today - has become a point of focus once again, but not for the right reasons, unfortunately. Instead, SHIB has been demolished during the recent cryptocurrency bull run, failing to rebound after a critical technical breakdown. Amid this market turmoil, on-chain data has unveiled a surprising 700% surge in activity from whales, which might just become the lifeline for this beleaguered meme coin.
A deep dive into the on-chain metrics shows that the number of large transactions, often associated with whale movements, has dramatically increased. This uptick could indicate that high-net-worth individuals are starting to see value in accumulating at these lower price levels, possibly speculating on a future recovery or using this opportunity to average down on their existing positions.
The price chart for Shiba Inu paints a grim picture. After consolidating within a tightening range, SHIB's price broke down from what appears to be a descending triangle pattern. The breakdown was sharp and unyielding, taking SHIB to new lows without any sign of immediate recovery. This pattern breach nullifies any short-term bullish setups that traders might have anticipated.
The significant price drop in during the bull run and the lack of a strong rebound post-triangle breakthrough have raised questions about its ability to recover. As market flows predominantly head toward legacy assets like Bitcoin and Ethereum, meme coins like SHIB struggle to attract the same level of confidence from the broader investing community.
However, the observed whale activity could be a silver lining for SHIB. If these large holders continue to accumulate, their actions could stabilize the price and potentially trigger a recovery, provided the wider market sentiment shifts back in favor of riskier assets like meme coins.