Here’s how Ethereum whales predict massive gains in meme coin Shiba Inu
- Ethereum whales continue accumulating SHIB in vast quantities, and Shiba Inu ranks as most traded by top 100 whales.
- The largest Ethereum whales hold $635.6 million worth of Shiba Inu tokens in their wallets.
- Shiba Inu price could rebound from the 38.2% Fibonacci retracement level and make a comeback to $0.00001239.
Ethereum whales continued their accumulation of Shiba Inu, the second-largest meme coin in the ecosystem. Shiba Inu (SHIB) ranks in the top ten most traded cryptocurrencies among 100 largest whales on the Ethereum blockchain. This could fuel a bullish narrative for SHIB and drive the meme coin’s price higher.
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Ethereum whales hunt massive gains in Shiba Inu
Shiba Inu ranks in the top 10 traded tokens by the Ethereum network’s 100 largest wallet investors. Shiba Inu is the third largest token held by Ethereum whales, after ETH and the stablecoin Tether (USDT).
The 100 largest whales on the Ethereum network hold an average of $6.16 million worth of SHIB, in 504.69 billion SHIB tokens.
Ethereum network’s 100 largest ETH whales
Based on data from crypto aggregator Whalestats, Shiba Inu is the token with the biggest position by US Dollar value. Whale activity recently hit a peak, on January 17. A spike in whale activity is usually considered bearish for the asset’s price, however, Shiba Inu is at a critical level and experts predict a recovery in the Dogecoin-killer.
Shiba Inu price prepares for recovery after recent decline
Shiba Inu, the second-largest meme coin in the crypto ecosystem, broke out of its long-term downtrend on December 29. This marked the end of the Month-on-Month downtrend for the Dogecoin-killer.
SHIB failed to cross resistance at the 50% Fibonacci retracement level in its uptrend the 1D price chart. On the 4H price chart, Shiba Inu nosedived from the 50% Fibonacci retracement level.
SHIB/USDT price chart
Relative Strength Index (RSI), a momentum indicator reads 71.20, meaning SHIB is in the oversold territory and traders are advised not to open any fresh longs. If it falls below the 70 level it will be a signal to sell and might indicate the start of a pullback. Shiba Inu’s 50-day Exponential Moving Average (EMA) crossed above the 200-day EMA, in a bullish “Golden Cross” on the price chart on January 10, 2023.
With the recent decline in whale activity on the Ethereum blockchain, Shiba Inu could rebound from the drop in its price and hit the $0.00001250 level.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
