$SHIB The influence of whale investors on prices and sentiment in the crypto market cannot be underestimated. Historically, Shiba Inu has experienced periods of bullish momentum, notably noted in February and March.
However, recent trends have indicated a bearish phase for SHIB, with IntoTheBlock data showing a shift to the more cautious side among SHIB whales. This change in sentiment is illustrated by the current count of 123 bear whales compared to 117 bull whales, based on a seven-day average.
This changing momentum has resulted in the SHIB price fluctuating between the support level US$0.00002392 and the resistance level US$0.00003308. According to crypto analyst SHIB Knight, the token has bounced off support twice and been rejected at resistance levels on two occasions.
Despite these challenges, recent buying by new whale accounts and other bullish investors indicates the belief that the current decline in SHIB prices is temporary, with expectations of a recovery and uptrend in the near future.
At time of writing, SHIB is trading at US$0.00002736, marking a 23 per cent decline from its peak of US$0.00003592 during the most recent bull run.
Crypto analyst Captain Faibik has identified a new technical pattern on the Shiba Inu price chart, indicating a potential spike in SHIB prices to between US$0.00058 and US$0.00062 in the coming weeks.
If SHIB reverses its current bearish momentum and embraces a bullish trajectory, the crypto could exceed these projections, potentially reaching US$0.00008 or higher. Lets watch.
$SHIB Whale is back in the dumps, can the SHIB price shoot up to US$0.00008?
In the ever-evolving crypto world, Shiba Inu (SHIB) has become a prominent name, especially among memecoins, attracting the interest of investors and traders. Over the last week, SHIB experienced a notable price drop amid a broad correction that affected most of the crypto market.
This period has been particularly challenging for holders of SHIB, as the price of this memecoin fell to a low of US$0.00002584 earlier in the week. This marks a significant decrease of more than 15 percent from the previous value of US$0.00003069.
Nonetheless, the decline in SHIB prices has provided an opportunity for large investors, commonly referred to as whales, to acquire SHIB at a discount.
Whales Return to Shiba Inu Crypto  $
Bitcoinist reported that, during this tumultuous week, on-chain data revealed several new SHIB whale accounts had emerged, collectively raking in 184 billion SHIB, worth around US$4.9 million. These purchases were made from leading crypto exchanges such as Coinbase and Binance, highlighting strategic moves by these investors to capitalize on falling prices.
The acquisition of a large amount of SHIB by a whale account was recently emphasized by on-chain transaction tracker The Data Nerd on social media.
Detailed analysis shows that two of these accounts each invested US$2 million in SHIB tokens via Coinbase, while the third account secured US$1 million in SHIB from Binance. This activity occurred within a 24-hour period, highlighting the swift action taken by these investors.
Further inspection of these wallets showed that they had been holding their SHIB tokens, indicating a long-term investment strategy. Interestingly, the SHIB price increase of 2 percent in the next 24 hours has seen these wallets already see profits from their investment.
These rapid changes illustrate the volatile nature of the crypto market, where fortunes can change quickly.