What could happen to Shiba Inu price after Ethereum whales dump $17.6 million in SHIB

What could happen to Shiba Inu price after Ethereum whales dump $17.6 million in SHIB
  • The 100 largest wallet addresses on Ethereum holding $1 billion of Shiba Inu have shed nearly $17.6 million in SHIB.
  • These whales accumulated Shiba Inu for weeks, making the meme coin the largest non-Ethereum altcoin holding in their portfolios.
  • Analysts believe Shiba Inu price could plummet in response to the largewallet holdings reduction.

Large wallet investors on the Ethereum blockchain have consistently accumulated SHIB. Over the last few days, however, these whales significantly reduced their holdings. With a decline in Ethereum whales’ SHIB holdings, proponents expect a bearish impact on Shiba Inu.

Shiba Inu balance of Ethereum whales plummets by $17.6 million

Ethereum whales have emerged as one of the largest holders of Shiba Inu. Large wallet addresses on the Ethereum network were considered bullish on SHIB when their meme coin holdings crossed the $1 billion mark. However, ETH whales have shed some of their Shiba Inu holdings over the past few days.

The 100 largest Ethereum whales now hold $982,324,880 after shedding $17.6 million in SHIB tokens, which the sentimenthas shifted from bullish to bearish.

Proponents note that one of the critical reasons for a drop in Shiba Inu holdings among Ethereum whales its the recent price pullback. The process can have a negative feedback effect with decreases in whale holdings fueling a bearish sentiment among Shiba Inu holders, and then more liquidations.

Further selling around the current price levels can put Shiba Inu in a dangerous postions as the meme coin has been forming a descending triangle on its daily chart. A sustain daily candlestick close below $0.000021, and more importantly below $0.000018, could trigger a 48.59% correction. Such a significant decline can send SHIB to $0.000011 or even $0.000010.

What could happen to Shiba Inu price after Ethereum whales dump $17.6 million in SHIB - 1

SHIBUSDT 1 day chart

It is worth noting that the pessimistic outlook would be invalidarted if Shiba Inu price can slice through the $0.000023 resistance level. Moving past such a critical supply zone can encourage market participants to re-enter the market and help SHIB recover and potential hit $0.00004 as FXStreet analysts explain in the video below.

FXStreet News

FXStreet News

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market and was founded in 2000.
The website offers a wide range of tools and resources: 24/5 currency news, real-time economic calendar, advanced rates and charts, educational webinars, analysis reports, forecasts, Learning Center, newsletters, industry services, FX customizable studies...
As its distinctive trademark, the portal has always been proud of its unyielding compromise to provide neutral and unbiased information and to enable its users to take better and more confident decisions. FXStreet has managed to gain the collaboration of the entire Forex industry, from individual professionals and small companies right up to Forex Brokers and Investment Banks. FXStreet covers the FX Market 24/5: an expert team of journalists, traders and economists picture what the market is doing and what is happening as it happens.