Shiba Inu Kicks Off 2023 With 50% Rally, Becomes Ethereum Whale Favorite

Shiba Inu has been one of the best performers out of the largest cryptocurrencies by market cap. The meme coin started 2023 with a bang, rallying with the entire crypto market but also clocking in some independent gains due to anticipation around Shibarium and general bullishness in the market.

Timeline of Ethereum, Shiba-inu

Ethereum price analysis is bearish today as the ETH price has come down to its lowest level after a brief surge. The coin has marked a lower low at $1,616 as the bearish trend has been gaining strength since today afternoon.

The Shiba Inu coin technical Chart showcases a textbook example of a rounding bottom pattern. In theory, this U-shaped shape structure of the pattern represents the buyers taking trend control from the seller.

Since failing to break above early November resistance in the $1,675 area towards the end of last week, Ether (ETH), the token that powers the Ethereum blockchain, has been in consolidation mode. It was last moving sideways in the $1,600s, as traders monitor upcoming macro drivers including US Q4 2022 GDP growth figures on Thursday and December Core PCE inflation data on Friday.

Ethereum's price has been on the rise for quite a while now after breaking above the $1300 resistance level. While the positive trend remains on higher timeframes, some signs are suggesting that at least a short-term correction is quite probable.

Data shows Litecoin has been observing accelerating adoptions recently, as its total addresses have now surpassed that of Ethereum. Litecoin Has Continued To See Rapid Adoption Recently As per a tweet from the director of the Litecoin Foundation, LTC's growth has continued to accelerate even after surpassing Ethereum in total addresses.

A mysterious whale wallet that was active during the ICO period transferred large amounts of Ethereum (CRYPTO: ETH).  What Happened: The wallet, which had been dormant for six years, suddenly moved almost 50,000 Ethereum worth approximately $80 million to staking.

Too many dramas in the crypto market seemed to take the shine off the promising aspects over the past few months. Many projects have been putting their efforts into strengthening their systems and improving their products.

Ethereum developers have successfully released the first “Shadow Fork” of the network's Shanghai upgrade. Shadow Fork Reveals Glitches A shadow fork is a test version of the actual mainnet, allowing developers to test the proposed upgrade's code on the blockchain.

Ethereum developers have successfully deployed the first mainnet shadow fork in preparation for the Shanghai upgrade. This upgrade is due in March and will allow validators to unstake their ETH.

Data sourced from Etherscan indicates that the exploiter first swapped 95,360 ETH worth roughly $157 million on DeFi Aggregator OpenOcean and then transacted smaller amounts capital through several decentralized finance (DeFi) protocols such as Kyber Network and 1Inch.