Shiba Inu (SHIB), the dog-themed crypto that once dreamed of flipping Dogecoin, is not in solid footing these days as it continues to fail in finding the right rhythm to bounce back and push its price to higher levels.
According to latest data from Coingecko, at the time of this writing, the meme altcoin is trading at $0.00000931. Although it managed to climb by 1.5% over the last 24 hours, the asset is still down by 8.5% during the past seven days and by 27.7% over the last two weeks.
Shiba Inu lost almost 28% of its value over the last week
Within the next five days, SHIB is expected to trade at $0.00000902
SHIB EMA suggests it will once again be caught in a bearish momentum
By virtue of its $5.48 billion overall valuation, SHIB managed to climb one step up the ladder, claiming the 13th place in Coingecko ranking of cryptocurrencies according to market capitalization.
This, however, did not happen because Shiba Inu was in a decisive bullish rally, but because the broader crypto market continues to struggle following the collapse of one of the world’s largest and leading exchange platforms, FTX.
The top 5000 #ETH whales are hodling
— WhaleStats (tracking crypto whales) (@WhaleStats) November 15, 2022
ETH Whales Continue To Hold SHIB In High Regard?
According to data shared by crypto whale tracker WhaleStats on Twitter, SHIB was the top altcoin being held by the top 5,000 Ethereum whales.
Collectively and currently, these major investors are in possession of $75,289,824 worth of Shiba Inu tokens. MakerDAO (MKR) was second on the list, accounting a total value of almost $58.7 million.
Uniswap (UNI) also made the list, occupying the third slot as the ETH whales are hodling $50.25 million worth of the digital asset. Rounding up the top five are Locus Chain (LOCUS) ($43.59 million) and BitDAO (BIT) ($39.33 million).
Meanwhile, also included in the list of top altcoins being held by the top 5,000 Ethereum whales are Bitpanda Ecosystem (BEST) ($33.10 million), Chainlink (LINK) ($31.72 million) and Chiliz (CHZ) ($29.06 million).
If it’s any indication, this data proves that these seasoned investors known in crypto space as “whales” have not lost their faith in Shiba Inu, accumulating large quantity of it and holding onto it until the time comes when they can make considerable profit from it.
Shiba Inu Headed Towards Another Decline
Considering its current situation, SHIB may not be in a good position to reward these Ethereum whales anytime soon.
According to the asset’s 20-day Exponential Moving Average (EMA) that has settled below its 50-day EMA, it is most likely that Shiba Inu will once again experience price dump over the next few days.
This sentiment is re-echoed by the forecasts of Coincodex which suggest that within the next five days, the altcoin will trade at $0.00000902 while a month from now, a sharper price decline will be experienced by the asset which will pull it all the way down to $0.00000639.
A consolation, at the very least, for the meme crypto, is that its 200-day EMA suggest that on a long-term, there will be relief as bears are not seen to be in control all year long.
SHIB total market cap at $4.96 billion on the daily chart | Featured image from Watcher Guru, Chart: TradingView.com