Ethereum whales sold 1.5 trillion Shiba Inu (SHIB) in just 2 days. So how will this affect the value of the second largest dog themed meme coin? Due to whale movements, the analyst reanalyzed SHIB’s price chart and determined possible price levels.
Ethereum whales sell 1.5 trillion SHIB
Ethereum whales have sold a huge amount of SHIB in the last two days, as we reported on cryptokoin.com. The aforementioned sales were revealed for the first time by WhaleStats, a data tracking platform that tracks whale movements. Accordingly, ETH whales have sold 1.5 trillion Shiba Inu worth $20 million in the last 2 days. The meme coin has rallied over 40% in the past two weeks. According to analysts, the rise has caused ETH whales to see an opportunity to make a profit.
The data reveals that SHIB saw a net outflow of 86% from its owners. It also shows that active whale addresses have dropped 33% in the last day. The largest SHIB whales currently hold 19% of the circulating supply of the meme coin. SHIB is currently held by ETH whales with $157 million in savings. Accordingly, Shiba Inu ranks 4th in the list of whales’ favorite tokens.
How about the SHIB price?
The Shiba Inu price rose by about 35% on a single daily candlestick on August 14. Thus, it formed a swing high at $0.0000180. This impressive rally was later revealed in the Dogecoin price as well. However, SHIB lost momentum and this loss of momentum led to a reversal. This development came about when the Bitcoin price dropped from $25,000. However, the meme coin is likely to provide another opportunity before triggering an aggressive rally.
Which direction will the Shiba Inu price go?
Shiba Inu price is experiencing a price correction after the 35% rally. The analyst expects the correction to push the price down a bit. Thus, he predicts that the meme coin will reach the checkpoint (POC) at $0.0000118, which acts as a support base. At the mentioned level, SHIB is likely to retest the support level. The level has the highest volume traded, so it has the potential to cause buyers to step up.
Such a development will cause SHIB to trigger a minor rally that market participants can take advantage of. The resulting uptrend could push the Shiba Inu price to either form a double top at $0.0000180 or push it to form a swing high of $0.0000200. This move has the potential to create a 50% uptrend. On the other hand, if the price drops below $0.0000180, it will mean increased seller activity and pave the way for a 10% drop.
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