• Whales have bought up 10.25 trillion Shiba Inu tokens since last week as the price of SHIB continues to plummet.
• Shiba Inu forms a bearish flag pattern on weekly charts, and its Layer 2 gas fee token Bone is trading at a yearly low.
• The mainnet of Shibarium is in the works and will be launched soon, which will give more utility to the popular memecoin besides being an ERC-20 on Ethereum (ETH).
Whale Accumulation of Shiba Inu
Whales have been scooping up 10.25 trillion Shiba Inu tokens since last week as the price of SHIB continues to freefall. On Coinbase, 97% of retail users are loading up on SHIB rather than selling, indicating that whales may be accumulating the crypto asset in anticipation of a future price increase. Technically speaking, all four on-chain signals for SHIB are bearish at the moment with 14% of holders currently in profits from their investments.
Shibarium’s Progress
Unification xFund has assured crypto users that the mainnet for Shibarium is in progress and will be launched soon. This Layer-2 solution for Shiba Inu is set to give more utility to the popular memecoin besides being an ERC-20 token on Ethereum (ETH). Additionally, this mainnet will revolve around Bone ShibaSwap (BONE), which is the gas fee token for this network. Despite its recent heavy plunge below two consecutive support lines, BONE has still become one of favorite cryptocurrencies acquired by TOP 100 Ethereum whales.
Descending Bearish Flag Pattern
Shiba Inu forms a descending bearish flag pattern on weekly charts with a 4.4% daily downturn at press time according to CoinGecko data. This indicates that bears are still holding their paws over crypto markets and making it difficult for prices to rise significantly anytime soon.
Fluctuating Price Volatility
The volatile nature of crypto assets means that prices can fluctuate wildly within short periods of time as market sentiments change rapidly due to external factors such as news or regulation changes. As such, it’s important for investors to stay informed about any potential developments so they can make sound decisions when investing in digital assets like Shiba Inu’s SHIB or Bone’s BONE tokens.
Conclusion
Overall, while there may be significant advancements taking place within the Shiba Inu ecosystem, market sentiments remain bearish as Bitcoin plunges below $28k range and other altcoins follow suit accordingly. Nevertheless, whales seem confident enough with their investments thus far despite retail investors being more hesitant in buying up these coins due to high volatility risks associated with them