Price Analysis

Whales Pile up Shiba INU, While Price Continues to Struggle below $0.00001

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Shiba INU has been the most stacked asset by the whales for quite a long time and have yet again shown interest in the token of let

  • The price of SHIB continues to remain sluggish as it struggles to reclaim the positions beyond $0.00001

The Shiba INU price has been trading sideways for quite a long time, while the whales continue to gather more and more tokens over time. For nearly a week, the SHIB price has been trading within a very narrow range, recording minor bounces. Dogecoin, on the other hand, managed to surge by more than 20% over the past week, while SHIB failed to follow the primitive memecoins of the space.

Despite this fact, the whales continue to gather a huge number of assets as their interest in the token has surged massively. According to WhaleStats, SHIB is the first choice of the top 500 Ethereum whales that are currently accumulating massively.

Besides, minor bullish signals have been let out, which signals that the asset is due for a massive breakout any time from now. The MVRV ratio is the comparison between the market cap & the realized cap, and it also determines the upcoming trend of the asset. Presently, the Shiba INU’s MVRV ratio is constantly on the rise, flashing bullish signs for the crypto. 

shibainuprice

Meanwhile, the Bollinger Band indicates the Shiba INU price is currently trading within a squeeze zone, increasing the headwinds. On the other hand, RSI and CMF, both registered minor pullbacks and hover just lower than the average levels. Therefore, uncertainty prevailed over the SHIB price rally, factors like whale accumulation may certainly lead to a bullish breakout soon. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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