The price of Shiba Inu (SHIB) has been struggling recently, much like the general market, which has been impacted by various macroeconomic factors and increased regulatory uncertainty. However, the price movement has partly sparked investor interest in accumulating the meme coin, as exhibited by Ethereum (ETH) whales.
In this regard, Shiba Inu has emerged as the top cryptocurrency held by the top 100 Ethereum whales at 12%, with a value of $601.2 million worth of SHIB, according to data shared by WhaleStats on March 5.
SHIB accounts for the top spot excluding stablecoins USDC and USDT, which have a share of 16% and 14%, respectively, among Ethereum whales.
The latest development comes after previous data by WhaleStats on March 3 indicated that SHIB had flipped Chainlink (LINK) for the most traded token among the top 100 Ethereum whales.
Other top cryptocurrencies held by ETH whales include Bitpanda Ecosystem Token (BEST) at $155.9 million, Polygon (MATIC) at $150.2 million, SwissBorg (CHSB) at $131.7 million, Chainlink at $130.9 million, Uniswap (UNI) at $72.7 million, Locus Chain (LOCUS) at $70.1 million, and Decentraland (MANA) at $63.3 million.
Implication of SHIB ranking among Ethereum whales
Shiba Inu’s ability to emerge on top among the Ethereum whales has potentially renewed investor interest, which could impact SHIB’s price, which has been dominated by bearishness.
The meme coin now finds itself in a distinctive position, with the potential to reap the rewards of the heightened trading volume. However, it also implies that any abrupt decline in volume could harm the coin’s price.
Moreover, the development complements other Shiba Inu on-chain activities, specifically the upcoming launch of Shibarium, a layer-2 scaling solution that the Shiba Inu community eagerly anticipates. While there is no official release date yet, Shibarium is highly anticipated for the enhancements it will provide to the network.
Shiba Inu price analysis
By press time, SHIB was trading at $0.000011, with daily losses of almost 1%. On the weekly chart, Shiba Inu is down about 10%.
On the other hand, SHIB’s technical analysis on TradingView is mainly bearish. The summary of the one-day gauges aligns with ‘sell’ at 12. Moving average sites are recommending the ‘strong sell’ sentiment at 11. Oscillators are for ‘buy’ at 3.
Meanwhile, regarding SHIB’s price projection, machine learning algorithms at CoinCodex indicate that SHIB is likely to experience bearish sentiments towards the end of the year. As per the projection, the token might trade at $0.00000361 on December 30, 2023.
With SHIB still lacking significant use cases, the token heavily relies on the adoption and success of network development. At the same time, the token will depend on the general market sentiment. Moreover, based on historical price movements, SHIB has the potential to reclaim previous highs that ushered in a new crop of crypto millionaires.
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