Shiba Inu (SHIB) added zero to its price point as major altcoins fell. Crypto analyst Tomiwabold Olajide is trying to predict SHIB’s next direction.
Where will the Shiba Inu go next?
Shiba Inu returned to last-seen levels in early October 2021, when it increased by thousands of percent. That’s why he added an extra zero to the price tag. As we reported on Kriptokoin.com, SHIB reached an all-time high of $0.000088 on October 28, 2021. It traded near the support at $0.000010 for a while.
Crypto analyst Tomiwabold Olajide later notes that the bulls have lost ground amid recent market price drops. The Shiba Inu dropped to $0.0000083 on June 12 and is currently struggling with support. If this support fails, the next stop is likely near the $0.000007 mark.
So what is an uptrend and what would it take to revive it? The analyst states that this should push the price above the barrier at $0.0000146 for buyers. Otherwise, he says, it is possible for the price to return to the current consolidation range.
SHIB is in the top 10 of whales
According to WhaleStats, SHIB has returned to the top 10 assets in terms of trading volume among the 500 largest ETH whales in the last 24 hours.
Shiba Inu also pressure to buy from whales faced with. SHIB is among the top 10 most purchased tokens among the top 500 ETH whales. At press time, SHIB has lost around 11% in line with the recent dips in the crypto market. It is trading at $0.00000856 with this decline.
This resulted in a decrease in the average SHIB balance and the value held by the whales. Currently, the top 500 ETH whales ‘hold’ SHIB worth $544,698,614.
Amid the widespread selling, SHIB ranked 17th by market cap. It fell in line.
Shiba Inu attracts media attention
On the other hand, Shiba Inu continues to attract media attention. A fan of SHIB tweeted:
The power of the community is incredible. I want to show you what Argentina has made possible today. chulkinet on the radio show in the city of “Buenos Aires” at the station: UrbanaPlayFm talked about the Shiba Inu. We appreciate the ShibaInuArmyArg effort.
SHIB is the highest rated FM in Buenos Aires, Argentina He took part in a radio show on one of the channels ‘Urbana Play 104.3 FM’. Meanwhile, SHIB developer Shytoshi Kusama re-shared Welly’s tweet. He also noted that the final and public phase of Welly NFTs is now live, and the remaining NFTs are awaiting publication.
Shiba Inu’s lead developer has shed light on the purpose of Welly NFTs. Shytoshi Kusama previously stated that NFTs were created to be membership tools, acting as smart contracts for certain Welly locations.
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