Ethereum whales gobble up Shiba Inu (SHIB) with no effect on the price

Shiba Inu SHIB
image from medium.com

Key Takeaways:

  • Ethereum whales make a move on Shiba Inu and buy out $88 million worth of SHIB.
  • SHIB did not respond and still consolidated around $0.000020.

YEREVAN (CoinChapter.com) – Canine-inspired meme token Shiba Inu (SHIB) enjoyed increased attention from Ethereum (ETH) whales. According to the whale-tracking website WhaleStats, the richest ETH investors doubled down on $88 million worth of SHIB in 24 hours.

In doing so, the 262nd-largest ETH wallet scooped over $34 million worth of SHIB, while the 29th-largest bought nearly $40 million worth of the token. The massive accumulation appeared in addition to the top 1,000 Ethereum wallets that already hold more than $1.155 billion in SHIB tokens.

In fact, SHIB holdings represent 13.78% of their non-Ethereum holdings, second only to FTT, the native token of FTX crypto exchange, which represents 15.56%, says WhaleStats.

Also read: McDonald's trolls Elon Musk over Dogecoin: Creates a new cryptocurrency 'Grimace Coin.'

Moreover, in the pursuit of abandoning the meme-coin stigma behind, Shiba Inu announced it was “welcoming the Shibaverse,” an immersive experience for the ecosystem and the Metaverse space.

Also read: Shiba Inu whale buys 58.90B SHIB tokens for $1.9M

However, despite the positive developments, SHIB’s price did not react. The SHIB/USD exchange rate consolidated at $0.000020 on Thursday, as shown in the CoinMarketCap chart below.

Shiba Inu (SHIB) price action. Source: CoinMarketCap.com
SHIB/USD price action in the last seven days. Source: CoinMarketCap.com

SHIB’s conflicting technicals

Shiba Inu’s daily chart painted a bullish picture despite an over 75% decline from the all-time high of 0.000088 on Oct 28. The digital asset formed a Falling Wedge, which features two trendlines with a negative slope and a significant mid-range.

Shiba Inu (SHIB) daily chart with a Falling Wedge. Source: SHIBUSDT on TradingView.com
Shiba Inu (SHIB) daily chart with a Falling Wedge. Source: SHIBUSDT on TradingView.com

Additionally, the reversal pattern could see SHIB break the resistance trendline in the upcoming sessions. As of publication, SHIB enjoyed a confluence of support, including the 0.000020 level (orange on the chart above), that was instrumental before the October surge.

Also read: Cryptocurrency Prices Today: DOT, SHIB, AVAX, LTC.

However, a closer look at the four-hour chart hinted at a possible decline in the short term. SHIB printed another formation, dubbed “Symmetrical Triangle.” The latter is a continuation pattern that typically repeats the bias preceding the Triangle.

Shiba Inu (SHIB) 4h chart with a Symmetrical Triangle. Source: SHIBUSDT on TradingView.com
SHIB/USD four-hour chart featuring a Symmetrical Triangle. Source: TradingView.com

A similar bias could follow as the Triangle formed after a bearish phase. Thus, another 10% drop back to the Falling Wedge support is in the cards, which would bring SHIB to $0.000018. The upcoming sessions will show if the prediction pans out.

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Shiba Inu, Ethereum whales gobble up Shiba Inu (SHIB) with no effect on the price

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