Recently a wallet with 850 billion coins was discovered. According to whale stats, the SHIB coins are worth over $40.2 million. However, the coins have not been moved yet, and this is bringing a lot of concerns, especially to holders who were anticipating a sell-off.
Currently, crypto holders are taking profits after the huge bull run in the crypto market. Many don’t want to wait for the fall to fall further. the SHIB holders are, however, adamant about selling their coins, awaiting another bull run.
The whale’s wallet holds almost 20% of the overall supply of the meme coin. But it’s still dormant with no transactional activity for some time now. If the meme can further its gains, the SHIB holders will be at the highest profitability level towards the end of the year.
Since June this year, whales’ domination in SHIB has been undeniable, making the coin’s listing on various exchanges like eToro, Coinbase, and Binance. It has, however, expected to receive new listings on Robinhood, which will catapult its price because of the flooding customer base.
SHIB Price Pattern And Technical Analysis
Shiba Inu trade volume is still dropping across all exchanges, indicating that not many are buying the meme. However, there could be another rally for the meme coin because its biggest fan is Elon Musk.
Recently Musk’s tweet showed Vikings arriving at the moon before the U.S. Its relation to crypto might not be anything at all. However, after the enthusiasts connected the dots, the meme coin skyrocketed again over 18%.
The current dip in Shiba Inu is healthy and an opportunity for investors to buy as many meme tokens as possible waiting for the bull run. However, many analysts look forward to the coin removing another zero from its trade by the end of the year.
The technical analysis shows SHIB’s price lingering a little bit past the 50 EMA. The price is very critical and might be falling to around $0.000055. If Shiba Inu gathers its strength, it might break the %0 EMA and head towards the new all-time high at $0.000090. However, the RSI indicator is still weak.
This indicates that SHIB investors are still on the loss, and a little patience is needed to give the meme time to regain its momentum. Even though the selling pressure is still high, it’s still possible that Shiba Inu will recover quickly, unlike any other token.
Shiba Inu Price Prediction
For the meme coin to remain bullish, it needs to break above the $0.000055 level. Not all investors are in losses, with about 600,000 SHIB addresses making a profit on their investments.
Pending that the market is still in the consolidation mode, SHIB investors and the SHIBA army might push the prices higher creating a new all-time at 0.000091 by the end of 2021. the profitability might not be that much, but for the short-term period, it’s good revenue.
Currently, the price of SHIB is 0.000051 at the time of writing. It ranks 11th below the dogecoin, with a market cap of $26 billion.