Altcoins

This is Why Ethereum Whales Dump $17.6m SHIB Tokens. What Next For Shiba Inu Price ?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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May 6, 2022

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After the US fed meeting yesterday, the major cryptocurrencies had surged. The main drivers for this bull run are Bitcoin, Ethereum along with other altcoins. 

But today the flagship currency has dropped by more than 5% in just a few hours trading below $37,000. As Bitcoin plunged so did the entire crypto market.

Among many such altcoins is Shiba Inu, the Dogecoin killer that has declined due to the decreased SHIB holdings by Ethereum whales.

Shiba Inu Price Finds Bottom!

Ethereum whales are one of the largest SHIB holders and when Shiba Inu’s meme coin holdings crossed the $1 billion mark, the large wallet on the Ethereum network was bullish on SHIB. But this bullish stance didn’t last long as in the past few days, the ETH whales have lost some of their Shiba Inu holdings.

At present, the 100 largest Ethereum whales hold $982,324,880 after losing $17.6 million in SHIB tokens where there was a shift of sentiment from bullish to bearish.

According to Shiba Inu proponents, one of the main reasons for Shiba Inu’s ETH holdings decline is the recent price drop. The decreased whale holding will definitely have a negative sentiment among Shiba Inu traders leading to more liquidations.

Additionally, if there is selling in the current price levels, then this move will bring Shiba Inu into a critical position as the currency is forming a descending triangle on its daily chart.

If Shiba Inu manages to hold the daily candlestick below $0.000021 and the other important close is below $0.000018 which will see a 48.59% correction. Such a significant drop will send SHIB to $0.000011 or even $0.000010

If Shiba Inu bulls manage to hold through the $0.000023 resistance level, this will encourage market participants to re-enter the market and help SHIB to recover and hit the level of $0.00004.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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