Shiba Inu (SHIB) has a secret!!! 🙊🙊

Good Morning, Switchers 🌞

👋Welcome to Switch Daily.

🙀Are you feeling the mid-week jitters yet? If not, ask someone who is. Samuel Bankman — the person who literally “Fried” the crypto space in early November was arrested on 13 Dec 2022 — something that would certainly have halted his mid-week plans for a while now.

Last reported, he is looking at some serious prison time for defrauding equity investors and conspiracy charges. But that’s just the first part of the story.

In a leaked testimony, SBF blamed Changpeng Zhao for the “bank run” on FTX. 🤨

If it were a movie, the frame would shift to Binance’s CEO, Changpeng Zhao, who also had an eventful 13 December. Talks of Binance being a target of a lawsuit involving money laundering started floating, creating market-wide FUD. Subsequently, Binance saw BTC withdrawals of over $500 million on 13 December, as users scampered to take control of their crypto.

While the speculative fire was doused in time, it took a better-than-expected inflation figure to get the crypto market back on track.

And last but not least, after SBF and CZ, Dogefather Elon Musk made the news as his newly acquired firm Twitter relaunched Twitter Blue 🐦, albeit with several modifications.

13 December 2022 was quite a day for crypto celebrities.

Meanwhile, here is what SBF might have in mind post-trail:

BTW, if you like reading this newsletter, give us a shout-out on Twitter and get your friends to subscribe. It will mean a great deal to us!

Here’s what we’ve got for you today:

The November U.S. inflation rate of 7.1% started pushing the crypto market up yesterday night. And by early Wednesday morning — 14 December 2022 — we were trading up by 2.61%, with most cryptos moving back into the green zone. BTC and ETH have already gained 3.70% and 4.07% over the past 24 hours.

Among the crypto behemoths, Solana (SOL) saw the highest jump at press time, with a 5.75% uptick to its name. Storj (STORJ), a decentralized storage project, came across as the top gainer at CoinSwitch, up 10.81% due to positive market sentiments. Following STORJ are DGB and FTM, up 7.34% and 7.27%, respectively.

Finally, the sentiment indicating Crypto Fear and Greed Index made a quick jump to 30, hinting at an improving market vibe. We really hope that the positivity holds!

Wanna let your friends in on how the market is doing great today?

If you are into memecoins, you would know that Dogecoin had a pretty good November. Yet, despite the DOGE rally, Shib Inu (SHIB)’s price action was mostly muted. Well, that might soon change.

Here are the three secret moves that Shiba Inu might have up its sleeve:

Also, do note that we said “might”

Move 1: Growing addresses 📈

Addresses holding SHIB tokens have peaked over the past 30 days, indicating constant accumulation. Data from Santiment, an on-chain analytics platform, puts the current active address count at 168K, with the peak forming at 185K.

Move 2: Low MVRV 🪫

MVRV in crypto stands for the ratio of market capitalization and realized capitalization. Simply put, if the realized capitalization is higher than the market capitalization, the price action of an asset can experience a surge. Historically, MVRV lows coincide with market bottoms.

Another way to understand it is that if traders think that the fair value of a token (realized cap) is higher than the current value (market cap), they lose the motivation to sell, leading to a possible rally. Santiment’s chart shows that SHIB’s MVRV dropped quite a bit in November, which might indicate upcoming price positivity. Fingers crossed! 🤞🤞

Move 3: Increasing whale movements 🐋

Large SHIB-specific transactions have started looking up over the past week or so. The surge in whale activity might be a positive thing, as in the case of SHIB, whales hold almost 70% of the token supply. Despite the surge in whale transactions, SHIB’s exchange inflow isn’t all that high. This might mean that whales are simply moving assets between wallets, preferably to HODL.

And if these reasons aren’t enough to look at SHIB from a bullish lens, here is a WhaleStats tweet from the past month where the top 5000 ETH addresses had SHIB as the number one choice of crypto for HODLing.

Pro insight: Keep an eye on Shiba Inu’s token burn rate to see how supply scarcity is coming along. It might have an impact on the prices if the HODLing rate increases.

Note: We’re not financial advisors, and this is not financial advice. We’re merely your fellow investors sharing the knowledge we gather.

🎲Web3 game secures funding

DOGAMI, an AR game that involves NFT pets and a mobile-specific interface, has recently secured a $14 million seed round funding. This Web 3.0 game has a community spread across 80+ nations and claims to have sold over 12,000 “Dog Avatar '' and canine accessory NFTs.

🔍Hardware wallet adds DeFi tracking

Ledger, a reputed hardware wallet provider, has recently added the DeFi tracking feature to its Ledger Live application. This functionality allows users to keep an eye on the ever-changing value of their assets.

🐋Mega Litecoin whales keep accumulating

Despite the 27% surge in LTC’s prices over the past 30 days, Mega whales have been steadily accumulating LTC. Whale addresses with 1 to 10 million tokens currently hold 15.4% of LTC’s circulating supply. This mega whale holding pattern was last seen five years back.

Thank You,

See you tomorrow, folks. 👋

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