Shiba Inu Jumps 10% After Whale Investment and HUH Token Announces $500,000 Giveaway Competition
Shiba Inu has jumped over 10% after whale wallets added to their holdings. This may be a decisive move from investors as SHIB is currently teetering on the edge of a 66% drop. Meanwhile, HUH Token is giving away $500,000 worth of tokens to 25 depositors between now and December 26.
Shiba Inu (SHIB)
Shiba Inu is at a critical crossroads that will determine its long-term future. SHIB was trapped between its long-term downtrend line and its major support floor but has now broken the downward trend line thanks to a few whale wallets coming to its rescue.
One of these whale wallets purchased 4 trillion SHIB for $134 million on Tuesday, according to data from WhaleStats. That wallet now holds more than $145 million worth of Shiba Inu.
SHIB’s price increased from a weekly low of $0.000028 on Monday night to a weekly high of $0.000034 on Wednesday morning as a result of the buying. Although prices have since corrected, they are still up 4% over the last 24 hours.
Shiba Inu has already lost more than 60% of its value since October 26, and bulls have been unable to reclaim support levels, with their last stand now at $0.00002911. The bull-bear showdown will produce wild swings in the next few days.
The meme coin has struggled to demonstrate intrinsic or fundamental value to investors who may be perplexed by how pure hype was behind one of the biggest crypto success stories of 2021.
In comparison to pioneering cryptocurrencies such as Cardano, Solana, and Ethereum, Shiba Inu offers little more than humour and a cute logo.
The SHIB army may have you believe that the price is preparing for a breakout and a possible surge to retest all-time highs, but the canine-themed spin-off is facing significant downside pressure and the possibility of a bull trap as locked-in buyers sell to break even on the massive fall since October.
The long-term relative strength index and stochastics both point to bad news for the SHIB army, as the RSI has yet to break through its lower band and enter the buy zone. Another concerning sign is the continued decline in trading volume, with SHIB having lost more than 80% of its trading volume since November.
Shiba Inu Daily Chart According to TradingView
If, however, the self-dubbed “SHIB army” can rally and break the first major resistance level at $0.00004897, the meme token may be able to establish a base from which to grow and the bearish outlook outlined above would be invalidated.
HUH Token (HUH)
HUH Token has announced a $500,000 giveaway to 25 depositors on PancakeSwap from now until December 26, which might serve as the impetus needed to break HUH’s symmetrical triangle on a 4-hour chart and send it on a 57% upswing to test all-time highs.
According to an announcement on Telegram, HUH Token’s creators say if they manage to hit a market cap of $500 million by Sunday, then the top depositor will receive $100,000 worth of HUH Tokens, with the top 2 and 3 receiving $70,000, the top 4 and 5 receiving $30,000 and the top 6 to 20 depositors receiving $10,000 each. Another 5 lucky depositors will be selected at random to win $10,000 each.
“The rewards will not be vested and winners can sell immediately if they choose”, according to the announcement.
Fortunately, all wallets can be tracked on BscScan so holders will be able to see if they are in the top rankings.
There is no doubt that HUH Token’s creators will be aware of the significant crossroads the token is currently facing on a 4-hour chart. HUH’s price has formed a symmetrical triangle, between its black uptrend line and its blue downtrend line. A symmetrical triangle is a neutral shape and HUH’s price movement will depend on which line it breaks.
HUH 4-Hour Chart According to TradingView
The timing of HUH’s new competition could serve as the perfect impetus to drive its price through the upper blue line, initiating a long-term bull trend and sending the price up to test its previous all-time high – a rise of over 57%.
HUH Token launched on December 6 and surged over 4000% in a week, breaking into PancakeSwap’s top 20. HUH has been listed on popular indexes such as CoinMarketCap and CoinGecko. It was also launched on Bitforex on Monday December 20, resulting in a positive price movement.
HUH Token’s creators have outlined a detailed plan in their WhitePaper to continue growing the new cryptocurrency, with the goal of breaking into the top 20 global cryptos by the end of 2022.