Popular meme coin Shiba Inu (SHIB) is trading below its 50-day moving average and analysts are predicting it could face a ‘death cross’ on the charts soon. However, the price action has partially increased Ethereum whales’ interest in accumulating SHIB.
Shiba Inu (SHIB) tuned for ‘death cross’!
cryptocoin.com As you follow, the meme coin Shiba Inu, which gained huge popularity after the 2021 bull market, has been experiencing a significant drop in value recently. SHIB is currently trading below its 50-day moving average and analysts are predicting it could face a ‘death cross’ on the charts soon.
Death cross is a technical analysis term used to describe the point at which the short-term moving average crosses below the long-term moving average and indicates a bearish trend. In the case of SHIB, the 50-day moving average broke below the longer 200-day EMA, leading to a ‘death cross’. However, not all analysts believe in the importance of death and golden crosses. Some say they don’t have any analytical value.
This trend is a concern for SHIB investors as it indicates that the SHIB price may continue to decline in the near future. Currently, the Shiba Inu is trading at $0.00001, a 40-day low. SHIB’s bearish trend can be attributed to a number of factors. First, the broader crypto market has seen a downturn in recent weeks, with many assets losing significant value. Additionally, the meme coins seem to disappear into the surrounding hp. This causes the demand for SHIB to decrease.
Despite the bearish outlook for SHIB, some analysts believe the asset could recover in the coming months. However, this will depend on a number of factors, including the resurgence of demand for meme coins and the overall recovery of the crypto market.
The most popular token held by Ethereum whales!
SHIB price has been struggling lately, as has the overall market, which has been affected by various macroeconomic factors and increased regulatory uncertainty. However, the price action has partially boosted investors’ interest in accumulating SHIB, as exhibited by Ethereum whales.
In this context, according to data shared by WhaleStats on March 5, Shiba Inu emerged as the largest cryptocurrency held by the top 100 Ethereum whales, with a SHIB value of $601.2 million and a portfolio ratio of 12%. In addition, SHIB ranks first among Ethereum whales excluding stablecoins USDC and USDT, which have a 16% and 14% share respectively.
Largest Ethereum whale holding / Source: WhaleStatsThe latest development comes after previous data released by WhaleStats on March 3 showed that SHIB flipped Chainlink (LINK) for the most traded token among the top 100 Ethereum whales. Other cryptocurrencies held by Ethereum 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, 72, Uniswap (UNI) with $7 million, Locus Chain (LOCUS) with $70.1 million and Decentraland (MANA) with $63.3 million.
What does SHIB ranking mean among Ethereum whales?
The Shiba Inu’s ability to top among Ethereum whales has potentially renewed investor interest. This, in turn, could affect the SHIB’s downtrend-dominated price. Meme coin now finds itself in a different position with the potential to reap the benefits of increased trading volume. However, it also means that any sudden drop in volume could hurt the price of SHIB.
In addition, the development complements other Shiba Inu chain activities, including the upcoming launch of Shibarium, a layer-2 scaling solution that the Shiba Inu community has been eagerly awaiting. Although there is no official release date yet, the enhancements Shibarium will provide to the network are eagerly awaited.
