Shiba Inu is still in increasing demand from Ethereum whales even after the disastrous performance in May. So, can whale activity trigger the expected recovery in SHIB price?
Shiba Inu (SHIB) finds new buyers after reaching fundamental support
According to the latest data from WhaleStats official Twitter account, Shiba Inu is actively bought by some investors It has returned to the top of the most actively purchased cryptocurrencies among whales as it has reached support. As the daily Shiba Inu chart suggests, the token is on its way to hit the local low of $0.000011. Unfortunately for SHIB investors, it briefly dropped to $0.000009 at one point, resulting in a massive increase in sales volume that the SHIB market had not seen since February 2022.
At the beginning of May, the Shiba Inu broke below the descending triangle chart pattern that should have provided a basis for the price to rise but caused further declines on the token. . The subsequent collapse of the Terra ecosystem resulted in additional losses exceeding 30% in almost the entire cryptocurrency market, including Bitcoin.
Why do whales still buy Shiba Inu?
Shiba Inu’s price performance after its all-time high was a complete disaster for any individual investor going up to $0.0001 making SHIB profitability for whales close to zero. When large investors face losses, they average their positions to break even when assets retrace or retrace. The average of sustained purchases we see from whale addresses is falling.
As various investors and whales see the Shiba Inu drop to “zero”, whales may gradually gain control over supply. Then at some point, Dogecoin’s main competitor, meme, could ease the selling pressure on the token, which was also the factor that led to over 80% depreciation from the ATH price. At the time of writing, the Shiba Inu is trading at $0.000011 after an unsuccessful attempt to reach $0.000015. You can reach the developments from Shiba (SHIB), which we have prepared as
Kriptokoin.com , from this bulletin.
