Whales Accumulate Meme Coin Aiming Ascension!

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According to the chart of the popular meme coin, in the last three months shiba inuof (SHIB) price activity creates a bottom reversal pattern. While this move isn’t imminent yet, a breakout from this setup indicates an upside exponential rise for the whales’ favorite cryptocurrency, ETH, which is currently trading at $0.00002516.

Shiba Inu Price Action

Shiba Inu price action since Jan 4th, Adam & Eve formation formed two separate pits known as From January 4 to February 9, SHIB developed a V-shaped valley known as “Adam” followed by a round-bottomed structure known as “Eve”. But Eve is not over yet and SHIB is currently hovering above a vital support area.

shiba inu graphic
Source: Shiba Inu Adam&Eve

According to the charts, if SHIB retests the $0.0000329 barrier, the Adam-Eve setup will complete. In this scenario, the formation Your SHIB pricealso predicts a 38 percent increase to the level of $0.000454, which is calculated by adding the depth of the valley to the break point of $0.0000329.

before too KoinFinans.com As noted by SHIB, it is currently at $0.00002516 and there is still a long way to go before the installation is complete. However Shiba Inu price The probability of a rise is very high as it is trading between the $0.0000235 to $0.0000255 demand zone.

So all in all, if SHIB can break through the $0.0000329 barrier, it will rise 38 percent to as high as $0.000454. And this move meme coinThis will result in an increase of over 80 percent over the current level of .

Although the chart of the dog-themed cryptocurrency appears to be recovering, a daily candlestick near the $0.0000211 support level could create a lower low, contradicting the bullish argument. If this development happens, it benefits the bears and could enable a drop to $0.0000094.

Ethereum whales continue to store SHIB tokens

Shiba Inu (SHIB) as the most valuable cryptocurrency held among the top 100 Ethereum (ETH) whales FTX token (FTT) left behind once again. However, unlike other times, SHIB managed to hold the first place for a long time this time.

Following the Shiba community’s efforts to develop a metaverse to expand the ecosystem of the meme cryptocurrency, there has been a significant surge in interest in the token due to its increased usage.

However, the meme cryptocurrency’s price drop issue seems to have been resolved by giant wallets, as ETH whales try to stabilize the price by continuing to stock SHIB even though its price has dropped.

According to WhaleStats, the top ETH wallets have roughly $1.34 billion in SHIBs, accounting for 14.78 percent of the whales’ total assets.

whalestats analysis
Source: Whalestats

Are whales losing interest in the FTX token?

Thanks to sustained purchases lately, SHIB has for some time now surpassed FTX, which has been at the top of the list of holdings of wallets on the top 100 ETH whales list. ETH whales currently hold $1.17 billion in FTX tokens, accounting for 12.91 percent of whale wallets’ total assets.

However, at the time of writing, the FTX token ranks first among the top ten tokens sold in the last 24 hours, and fourth in the top ten cryptocurrencies sold in the last 30 days. This points to an alarming picture for the coin, one of the favorite cryptocurrencies of ETH whales.

However, according to the ranking in the same 30-day period, Shiba Inu is also in the seventh place in the list of coins with the highest sales of wallets. Given the current general downturn in the crypto market, this immediately indicates that both cryptocurrencies are facing a massive sell-off by ETH whales.

You can check the price movements here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.


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