Memecoins and the crypto market overall have had their fair share of blissful times this year.
Speaking of memecoins, SHIB in particular, has seen an upsurge in whale activity as more of these big players scramble to buy more of these tokens.
In recent news, 6 Billion SHIB worth about $65 million was moved around in the last 24 hours between whale addresses.
These transactions carrying the 6 billion SHIB happened in three separate tranches as reported by Whale Alert, the whale activity monitoring platform, marking the latest in the long line of multi-million-dollar SHIB transactions this year.
What exactly is going on at this point, and why are the whales suddenly more interested in SHIB?
Late on Sunday this week, Whale Alerts, via their Twitter page, drew attention to three massive Shiba Inu transactions that happened less than a few minutes from each other.
The first was a 1.92 billion SHIB transaction worth about $20.5 million; The second was a 2.24 billion SHIB transaction, worth about $24 million, while the last was a 1.9 billion SHIB transaction, worth about 20.5 million.
These moves by the whales have contributed to April having the largest spike in whale activity since the first quarter of 2022, despite the month only being active by three days.
There has been speculation by some, about this recent whale activity being part of a larger move, while others believe that the whales are simply reshuffling their holdings among their addresses.
Asides from recording the highest whale activity in over a year, April also has some interesting Shiba Inu stats.
This month has also seen a spike in the network activity, recording activity from almost 36,000 new addresses.
This spike in network activity may also have been due to the new Puppynet release (or Shibarium's public beta testnet).
On April 1st alone, Puppynet witnessed interactions with over 200,000 addresses on the Shiba Inu network, with over a million transactions between them.
Data from CoinMarketCap shows that $SHIB is slightly bearish over the last seven days, and from a 24-hour perspective.
Asides from being down by 1% over the last week and by 2% over the last 24 hours, the memecoin is also up by over 30% from the beginning of the year. This indicates strength on Shiba Inu's part.
The charts also show that the memecoin is bearish and that this bearishness may not be over yet.
Shiba Inu is hovering dangerously close to the $0.000007 zone, and the 50-day moving average (purple) continues to waltz towards its 200-day moving average (red).
This introduces the likelihood of a crossover and a possible dip to the aforementioned support level (around $0.000007).
Shiba Inu is currently trading between the $0.000012 and $0.0000097 zones (blue lines) as it waits for its bulls or bears to take action.
The memecoin has ranged between these price levels for a while now and has been confined since early March.
However, the development of SHibarium, Shiba Inu's layer-2 network may prove to be the push the memecoin needs to break above $0.000012 in the coming weeks.
With the release of this layer-2's beta version (called Puppynet), its impressive transaction count on launch, and the hundreds of projects that will be launching on the SHIB chain when it is released fully, Shiba Inu can expect to break through the $0.000012 resistance and hit the next support level around $0.0000155.
Conversely, if these updates on the Shiba Inu network and the activity of its bulls prove to be inadequate, the bears may succeed in pulling SHIB lower, into a retest of the next support level around $0.00074.
In all, Shiba Inu is expected to break out of these levels soon, either to the upside or otherwise.
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