Less than 48 hours ago, an unknown wallet received 1.24 trillion Shiba Inu (SHIB) tokens—worth approximately $20.2 million—from the crypto exchange Kraken, according to Whale Alert data.
Transfers from exchanges to private wallets are often seen as a bullish signal, suggesting accumulation rather than an imminent sell-off.
In the past 24 hours, $SHIB has dipped by 3.6%, while trading volume has climbed 17.7% to $367 million.
This Technical Indicator Could Soon Send a Buy Signal
The total market cap of meme coins has declined by 5.5% in the past 24 hours, now sitting at $70.3 billion.
Over the last 30 days, the sector has seen a sharp downturn, shedding 39% of its value.
Shiba Inu ($SHIB) remains the second-largest meme coin with a market cap of $8.98 billion, showing relative resilience against the broader sell-off.
Since the start of the year, $SHIB has dropped 28%—a milder decline compared to Pepe ($PEPE) and Bonk ($BONK), which have plunged 50.2% and 42.6%, respectively.
The price chart shows that SHIB has been on a steady downtrend since reaching its local high in December, forming a series of lower highs. Notably, a double top emerged at $0.000025 on January 28, reinforcing bearish sentiment.
Multiple support levels have been broken in recent days, with the latest at $0.00001560 now serving as the key resistance that bulls must reclaim to drive the price higher.
Momentum indicators suggest a potential trend reversal, as the Relative Strength Index (RSI) is emerging from oversold territory and nearing a crossover above the signal line. If confirmed, SHIB could reclaim $0.000016 and potentially break out of the bullish falling wedge formation.
Additionally, the MACD has been posting lower highs, though not consecutively. Another light red histogram bar could indicate the start of a trend shift, with an RSI crossover providing further confirmation.
For investors seeking structured exposure to the meme coin market, Meme Index ($MEMEX) offers a simplified approach with four diversified investment options tailored to different risk profiles.
Meme Index Raises $3.4M to Make Meme Coin Investing Easier
Less than two months after the event kicked off, the Less than two months after its presale began, Meme Index ($MEMEX) has secured $3.4 million from investors, drawn to its unique approach to meme coin investing.
The platform offers a passive investment strategy through four distinct index baskets—Titan, Moonshot, Midcap, and Frenzy—each catering to different risk appetites.
For example, Titan focuses on established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), while Midcap targets mid-tier projects such as Toshi (TOSHI) and Notcoin (NOT).
At the core of the ecosystem is $MEMEX, the platform’s native token, which benefits directly from user adoption. Priced at a discounted $0.0159713, early buyers stand to gain the most before its public launch.
To buy $MEMEX, head to the Meme Index website and connect your wallet (e.g. Best Wallet).
Either swap USDT, ETH, or BNB, or use a bank card to complete the transaction.
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