In recent times, Shiba Inu’s (SHIB) price has struggled similarly to the whole market, which has been affected by different macroeconomic variables and rising regulatory uncertainties.
Nonetheless, the price change has partially reignited investor interest in the meme currency, as seen by Ethereum (ETH) whales.
In this respect, Shiba Inu has become the leading cryptocurrency owned among the top 100 Ethereum whales, with a value of $601,2 million worth of SHIB, according to statistics published by WhaleStats on March 5.
SHIB has the top position among Ethereum whales, excluding the stablecoins USDC and USDT, which have a 16% and 14% stake, respectively.
The new development comes after statistics published by WhaleStats on March 3 suggested that SHIB has replaced Chainlink (LINK) as the most traded token among the top 100 Ethereum whales.
Other prominent cryptocurrencies held by ETH whales include Bitpanda Ecosystem Token (BEST) with $155.9 million, Polygon (MATIC) with $150.2 million, SwissBorg (CHSB) with $131.7 million, Chainlink with $130.9 million, Uniswap (UNI) with $72.7 million, Locus Chain (LOCUS) with $70.1 million, and Decentraland (MANA) with $63.3 million.
Shiba Inu’s ability to outperform the Ethereum whales has revived investor interest, which may affect SHIB’s price, which has been dominated by adverse sentiment.
The meme currency is currently in an advantageous position, able to profit from the increased trade volume. Yet, it also means that a sudden fall in volume might negatively impact the currency’s price.
In addition, the work complements previous Shiba Inu on-chain operations, such as the upcoming introduction of Shibarium, a layer-2 scaling solution that the Shiba Inu community anxiously expects. Despite the absence of an announced release date, Shibarium has eagerly awaited the network upgrades it will deliver.
At the time of publication, SHIB was trading at $0.0000111, with daily losses of about 1%. In the weekly chart, Shiba Inu is almost 10% lower.
In contrast, most of SHIB’s technical analysis on TradingView is negative. At 12, the summary of the one-day gauges corresponds with “sell.” At 11, moving average sites offer a “strong sell” stance. Three oscillators are for sale (purchase).
Meanwhile, machine learning algorithms at CoinCodex imply that SHIB would likely encounter pessimistic feelings towards the end of the year in terms of its price forecast. On December 30, 2023, the token may trade for $0.000000361, according to the projection.
Although SHIB lacks significant use cases, the coin primarily depends on network development acceptance and success. In addition, the token will be influenced by market sentiment. In addition, historical price fluctuations indicate that SHIB can recapture past highs that brought in a new generation of crypto billionaires.
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