The week’s global crypto selloff saw Shiba Inu (SHIB) finally touch the bottom and immediately recover strongly.
On Monday, a huge selloff in the global crypto market was a nightmare for many crypto enthusiasts. Almost all the top cryptocurrencies, including Shiba Inu, shattered their major support levels. However, most cryptocurrencies in the market rebounded sharply on Tuesday.
Shiba Inu declined over 20% over the last day alone to the price of $0.00001354 while breaking its critical support level at $0.00001717 in a textbook descending triangle pattern found on the daily chart.
Following this massive price decline, Wrapped Bitcoin (WBTC) flipped the popular dog-themed currency in terms of market cap to steal the 15th position from SHIB yesterday, as per data provided by CoinMarketCap. But strong SHIB recovery has helped the coin reclaim the 15th position from WBTC.
Top ETH whales continue to accumulate Shiba Inu (SHIB)
Recent massive accumulation from ETH Whales has served as the first push for the canine-themed cryptocurrency. As a result, Shiba Inu’s price jumped more than 20% from its bottom level and is currently trading at $0.000016534.
This significant recovery move has also helped Shiba Inu surpass Wrapped Bitcoin and regain its 15th position as the biggest cryptocurrency globally in terms of market cap. The current market cap for SHIB stands at $9,392,070,965 ($9.39B).
Moreover, the Shiba Inu token also flipped the FTX token (FTT). As a result, it becomes the biggest holding position by dollar value among the top 2000 ETH whales, as per data provided by WhaleStats.
Furthermore, to maintain this strong recovery, SHIB has to reclaim the previously lost critical support level at $0.00001771 to act as resistance for a further upward push.