- 63 billion Shiba Inu tokens were accumulated by large wallet investors in the recent dip.
- Ethereum whales have accumulated Shiba Inu through recent crypto bloodbaths, diversifying their portfolio.
- Shiba Inu transaction count dropped by 50%, fueling a bearish outlook among investors.
- Analysts have evaluated the Shiba Inu price trend and predicted a continuation of the memecoin’s downtrend.
Large wallet investors have accumulated Shiba Inu through recent crypto bloodbaths. Historically, Shiba Inu accumulation is followed by a spike in the Dogecoin-killer’s price trend.
Analysts predict Shiba Inu downtrend despite recent whale accumulation
Based on data from Etherscan, the tracker for cryptocurrencies on the Ethereum blockchain, whales have accumulated Shiba Inu tokens. Several whales purchased Shiba Inu, adding 63 billion tokens to their portfolio.
Etherscan tracks the 63 billion SHIB to four Shiba Inu wallets. The first two transactions were purchases of 6.1 billion and 1 billion Shiba Inu, respectively. The other two accounted for 28 billion tokens of the Dogecoin-killer.
The 28 billion Shiba Inu transaction can be traced back to a liquidity provider. Other transactions added SHIB to whale wallets, increasing the allocation to Shiba Inu in their portfolio.
Analysts have noted a drop in Shiba Inu’s on-chain activity. The transaction count on the Shiba Inu network has dropped 50%, fueling a bearish narrative for the memecoin’s price.
Despite new developments in the Shiba Inu ecosystem, the partnership with Welly’s and accumulation by whales, there is a drop in activity. Plummeting transaction volume is considered indicative of a drop in a token’s price.
@WalterCripto, a cryptocurrency analyst, has predicted a downtrend in Shiba Inu price.
FXStreet analysts believe that Shiba Inu price could top out around $0.000040.
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