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Highlights
- Shiba Inu price eyes 7% extended gains.
- SHIB whale activity surged 367%, with large holder inflows increasing by 164%.
- SHIB price has had two liquidity runs on August 22-26 and September 5-8 in less than a month.
Shiba Inu price has been rising consecutively for the last four days, signaling market strength for the asset. This uptick follows a recent run on liquidity, where market makers pushed the price action below key support or resistance levels to capture liquidity trapped in these zones. This also comes as a top crypto exchange has been targeted in a major hack resulting in a whooping $22 million theft. The breach has led to the theft of 9 billion Shiba Inu (SHIB) tokens, raising concerns about the potential impact on the token’s price and the broader market.
With the price of SHIB now in an uptrend, it could potentially extend current weekly gains by another 8%, assuming market conditions remain favorable. In comparison, the broader crypto market is also seeing growing optimism, with many analysts speculating on how soon Bitcoin price could hit the $100K milestone, fueled by institutional adoption and increasing demand.
Indodax Crypto Hack Impact on Shiba Inu Price
This comes as Indodax, the leading cryptocurrency exchange in Indonesia, has been hit by a severe security breach, with around $22 million in digital assets stolen.
The breach involved the theft of 9 billion Shiba Inu (SHIB) tokens, among other cryptocurrencies like Bitcoin, Ethereum, and Tron. This incident has raised alarm among Indodax’s 5 million users and cast doubt on the exchange’s security practices.
Halo Member INDODAX,
Kami ingin menginformasikan bahwa team security kami menemukan potensi indikasi keamanan pada platform kami.
Saat ini, kami sedang melakukan pemeliharaan menyeluruh untuk memastikan seluruh sistem beroperasi dengan baik. Selama proses pemeliharaan ini,… pic.twitter.com/kYAc6ilERF
— indodax (@indodax) September 11, 2024
In response, Indodax has confirmed the breach and is currently taking steps to address the issue by temporarily shutting down its website and app for necessary updates.
The market is yet to absorb these news which could also affect the SHIB price.
Why Liquidity Runs are Good For Shiba Inu Price
Liquidity runs are situations where the price of an asset moves rapidly through key levels, often due to significant buying or selling pressure.
The Shiba Inu price chart below shows the two liquidity runs on August 22-26 and September 5-8.
Liquidity runs are great for price of Shiba Inu because they can lead to increased volatility and significant price movements, something investors like to see. This volatility creates trading opportunities because the swift price movement breaks established market structures, creating potential entry opportunities.
This is evident in the case of Shiba Inu, as the price of whale activity surgery has increased by 367% in the last 24 hours, according to IntoTheBlock data. The SHIB large transaction volume was 3.21T SHIB ($43.52 million) over the last day, signifying that activity among whales was rising, either buying or selling.
However, a scrutiny of the Shiba Inu inflows on September 9 shows a spike of 164% in large holder inflows. This indicator tracks the funds entering into the addresses that belong to whales. The spike could indicate that whales are buying SHIB.
This is further supported by the fact that the price of SHIB was just recovering from the liquidity run on September 5-8, and whales like to buy in large quantities after significant corrections.
The SHIB price is down 1.4% in the last 24 hours, trading at $0.00001321. The investors and large holders buying could be anticipating a rise in price soon.
SHIB Price Could Extend Weekly Gains By 8%
Shiba Inu price showed incredible strength in the last four days as candlestick analysis reveals increasing buying strength as the market recovered from the run on liquidity.
Although SHIB has almost wiped out all the gains made in the last week, there is more to the price action than meets the eye.
For instance, SHIB is now firmly back inside the safety of the consolidation. Secondly, if the previous supply-side liquidity run is anything to go by, Shiba Inu is expected to rally to $0.00001450, an 8% move from its current price.
The resistance around $0.00001360 cuts the SHIB rally short. However, the increasing volatility and whale activity could break this level at any time.
Shiba Inu price prediction shows if the meme coin fails to keep above $0.00001310, it may drop lower to $0.00001270, invalidating the current bullish scenario and playing right into a dreaded head-and-shoulders pattern that could push it as low as $0.00001.
Frequently Asked Questions (FAQs)
1. What is a liquidity run, and how does it affect Shiba Inu's price?
2. What were the two recent liquidity runs in Shiba Inu price?
3. How can traders take advantage of these market movements?
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