SHIB Sends Message Amid FTX Bankruptcy: Whales Flock!

Shiba Inu (SHIB)’s official Twitter account sent a statement to the community following the FTX crisis that marked this week. The project’s Twitter account said that they will continue to stand by the community as the group continues to grow. On the other hand, the number of whales purchasing SHIB has increased. Here are the details…

“We are here” message from the SHIB group to the community

The Shiba Inu team has invited the cryptocurrency market that has suffered from the FTX crash. The believable statement came amid the most devastating cryptocurrency crisis to date. The group envisions a “brighter future” where people can take advantage of new opportunities in decentralized finance. The collapse of FTX, one of the well-known centralized cryptocurrency exchanges, turned attention to decentralized areas.

Even after the stock market crash, a Shiba Swap developer urged users to stop believing in centralized exchanges. “Remember that if you don’t have the private keys, you don’t have any cryptocurrency, even if you paid for it,” the developer wrote. As we reported, the market suffered devastating losses due to the bankruptcy of the FTX exchange. Bitcoin has fallen to its lowest level in two years.

SHIB’s market cap is currently well under $6 billion. The token fell 89.02 percent from its record level. Binance CEO Changpeng Zhao recently stated that the ongoing cryptocurrency crisis could potentially get worse. He envisioned that a number of projects could potentially share the same destiny with FTX. He compared the current turmoil to the global financial crisis of 2008. At the same time, analysts at banking giant JPMorgan see a glimmer of hope in the latest crisis. They hypothesized that the crisis could significantly accelerate the regulation of the cryptocurrency space.

Shiba Inu whales in action

Meanwhile, the Shiba Inu whales took action. Shiba Inu price action has been bearish for the majority of 2022 as the stronger dollar distracts the bulls. However, whales are willing to buy SHIB at levels lower than $0.000001000 and save some profits as price action improves. According to Filip L., a cryptocurrency analyst, the 200-day Easy Moving Average (SMA) is behind SHIB’s inability to reap the top truth.

According to the analyst, traders are facing a double top that has been rejected at the top for two weeks without breaking. SHIB has been bullish for a few weeks now. But it closed below the 200-day SMA. Therefore, according to the analyst, this level is a force to be reckoned with. The key to unlocking the 200-day SMA comes from the dollar, according to the analyst.

In line with more data from the US and FED decisions, he expects the dollar to decline. He believes this will lead to more buyers and investors returning to the cryptocurrency space. If that happens, the 200-day SMA is likely to be broken. The analyst also states that the level to be watched is $0.00001708, which is the lowest level of January.

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