Whale accumulation of $88 million in Shiba Inu could not prevent further price decline
- The largest Ethereum whale wallets have accumulated over $88 million in Shiba Inu.
- Accumulation by whales failed to reverse Shiba Inu price downtrend; the memecoin posted 5% daily losses.
- Analysts have predicted that a drop below $0.00001756 could imply a continuation of Shiba Inu downtrend.
Shiba Inu developers revealed the memecoin’s plans for entering the metaverse with “Shibverse.” The Dogecoin-killer’s price continued to drop despite accumulation by whales and news of its entry in the metaverse.
Dogecoin-killer Shiba Inu price continues downtrend
During its recovery from the recent crypto bloodbath, the largest Ethereum whale wallets accumulated Shiba Inu. The memecoin faced a spike in buying volume during its price recovery.
Based on data from WhaleStats, the largest Ethereum whale wallets accumulated over $88 million worth of Shiba Inu within a 24 hour period. The top two purchases included $40 million and $34 million worth of Shiba Inu by whales in the top-1000 Ethereum addresses.
Shiba Inu is now the second-largest non-Ethereum whale holding. Massive accumulation by whales failed to trigger a trend reversal in Shiba Inu price.
Shiba Inu developers recently announced their entry into the metaverse with “Shibverse.”
Hey #ShibArmy!
— Shib (@Shibtoken) January 25, 2022
In the next few days we will be revealing the name selected for our Metaverse, Codename: #SHIBerse.
We are excited share the official name of the Metaverse Project with all of you! Woof!
The announcement of Shiba Inu’s entry into the metaverse did not significantly impact the memecoin’s price. Proponents believe that traders likely lost interest in the memecoin over the past few weeks, and its social dominance plunged.
Analysts at the YouTube channel Vision Pulse Trades evaluated the Shiba Inu price trend and predicted that a drop below $0.00001756 could push the memecoin lower. A recovery is likely if the Shiba Inu price remains above $0.00002041.
FXStreet analysts believe that Shiba Inu price has hit the point of maximum pain. The memecoin price is eyeing the target of $0.000035.
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.
