Although initially seen as just memes, dog-themed cryptocurrencies have reached an interesting position. Besides being used for everyday payments, they are also rapidly adopting other trends. It seems like Ethereum whales are also following these trends. This altcoin project is quickly picking up before the upcoming news.
Ethereum whales bought this news
Today, the Shiba Inu development team finally shared some information about the highly anticipated Shiba Eternity game. In parallel, the SHIB token has become one of the most used smart contracts among the top 5,000 Ethereum holders, according to data from WhaleStats.
https://twitter.com/WhaleStats/status/1554438873488523264
Ethereum whales continue to accumulate massive amounts of SHIB. This demand developed with every news about Shibarium. SHIB is also seeing an increase in value in its whale portfolio. The top 100 Ethereum whales currently hold 3,079 trillion SHIB. This amount corresponds to approximately 36 million dollars on a fiat basis. With this hefty fund, the whales keep 31 percent of the supply of SHIB in their wallets.
Why are altcoin whales switching to Shiba Inu?
As we quoted as Kriptokoin.com, the acceptance of SHIB as a payment method, Shibarium further announcement increased the interest in SHIB. Meanwhile, Ethereum whales expanded the share of SHIB in their portfolios. But Shiba Eternity served as infotainment this time around. PlaysideStudios and the project are now working to test it. The game will now be available on the App Store and Google Play in two versions: standard free version and P2E with NFT support.
SHIB technical analysis
Shiba Inu price has advanced in a very bullish triangle consolidation this summer. Analysts expected their bullish target to reach $0.00001700 in this process.
The Shiba Inu’s failure to show bullish price action has led to clever money-trap ideas at play. In mid-July, the bearish forecast was published, targeting the liquidity level of $0.00000975.
The Shiba Inu price fell 27% to $0.0000103 amid the latest bearish forecast posted last week. SHIB fell 5% before reaching the targeted liquidity level of $0.00000975. It has since extended about 80% of the predicted decline above the first triangle trendline. The price is causing justified confusion among crypto investors.
Now there is a new scenario on the cards, aiming for new highs at $0.000014000. A break above $0.00001270 will be the catalyst for the uptrend, according to analyst Tony Montpeirous. However, investors should be cautious as a liquidity hunt may begin soon after new summer highs are reached with bearish targets at $0.00000770.
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