- Leading ETH whale wallets accumulated more than $88 million in SHIB tokens.
- Whale accumulation could not reverse SHIB’s downswings as the meme token recorded 5% daily plummets.
- Analysts believe plunging beneath $0.00001756 might mean continued downtrends by Shiba Inu.
Shiba Inu has experienced multiple developments since joining the marketplace as a meme token. Recently, its developers announced plans to enter the metaverse craze with ‘Shibverse.’ Meanwhile, the Dogecoin competitor struggles with downtrends now. SHIB extends its downfalls despite the news of metaverse entry and whales accumulation.
SHIB Continues Falling
ETH whale addresses accumulated SHIB as the token battled to recover from the latest cryptocurrency bloodbath. Nevertheless, the meme crypto encountered surged buying volume amid price recovery.
WhaleStats data shows Ethereum whale addressed accumulated Shiba Inu worth more than $88 million within 24 hours. The top purchases involved SHIB tokens worth $34 million and $40 million. Moreover, the actions came from the top-1000 ETH wallets.
For now, Shiba In is the 2nd largest non-Ether whale holding. Meanwhile, the massive whale accumulations failed to catalyze trend reversals for SHIB price. Furthermore, SHIB developers recently unveiled their jump into the metaverse bandwagon.
The announcement of Shiba Inu entering the metaverse could not impact the asset’s price. Experts trust market participants lost interest in Shiba Inu within the last few weeks. Remember, the canine-themed crypto had its social dominance plunging.
YouTube crypto analyst, Vision Pulse Trades, scrutinized SHIB price actions and projected a plunge beneath $0.00001756 will lead to further plunges for the crypto. Shiba Inu should maintain beyond the $0.00002041 mark to attract recoveries.
FXStreet analysts trust SHIB price touched the maximum pain point. That way, the meme toke eyes the target at $0.000035.
Meanwhile, the downbeat outlook in the overall crypto spectrum contributed to SHIB’s downward movements. Remember, bears dominated the market since Bitcoin saw a free fall towards the $33K zones. For now, the leading crypto needs a move beyond the obstacle at $38,000 for near-term bullishness. Such a move might help SHIB escape downtrends. Nevertheless, let’s watch what the upcoming sessions will bring. Stay tuned.