Key Takeaways:
- On-chain activity on the Shiba Inu network spiked recently.
- An unknown wallet transferred over 4.4 trillion SHIB tokens.
- SHIB Price is moving inside a bearish pattern.
NEW DELHI (CoinChapter.com) — Shiba Inu (SHIB) is down despite witnessing massive whale transactions and increasing on-chain activities.
Notably, SHIB prices entered a bull run beginning Oct. 19, riding a renewed interest in memecoins and the wider crypto market recovery. However, the rally fizzled out towards the month’s end — SHIB price dropped to an intraday low of $0.00000754 on Oct. 31, down 7% from the previous day.
As is the norm, SHIB proponents continued celebrating minor achievements like a spike in the memecoin’s burn rate, a massive whale transaction, etc.
Whale Moves 4.47 Trillion SHIB Tokens
Anything that could generate more hype for the canine-themed token since memecoins thrive on social media hype.
For instance, the SHIB burn rate spiked 7,700% as the Shiba Inu token started the week of Oct. 30. However, the spike was short-lived as the memecoin‘s burn rate plummeted by over 60% the following day. Despite the volatility in burn rates, SHIB’s price remained impassive.
Moreover, the whale transaction tracker X account, Whale Alert, highlighted that an anonymous whale investor moved 4.47 trillion SHIB tokens between two unknown wallets.
Whale transactions are significant since their sheer size can often move the market’s direction. For example, if the whale account were to dump its 4.47 trillion tokens into the market, the resulting supply spike would force SHIB prices to nosedive, generating a FUD and more panic selling.
However, SHIB price had a very zen response to the news, as the memecoin’s prices seemed unaffected by the whale transaction.
The Shiba Inu network also saw increased on-chain activity, likely indicating increased use of the ecosystem’s L2 solution, Shibarium.
SHIB Price Form Bearish Pattern
Meanwhile, SHIB’s price has formed a bearish technical pattern called the ‘Descending Triangle.’
A descending trendline connecting swing highs and a horizontal trendline joining swing lows form the pattern. The height of the triangle’s thickest section determines the price target in a descending triangle setup.
If the SHIB price confirms the pattern, the Shiba Inu crypto token might drop over 57% to reach a theoretical price target near $0.00000328, or 0.00019 PHP (Philippine Peso)
Meanwhile, the SHIB trading pair with the PHP remained in lockstep with the memecoin’s other trading pairs elsewhere, negating arbitrage opportunities for Philippine traders. At the time of writing, SHIBPHP was trading near 0.0004323 PHP.
