Altcoin

Despite Shibarium anxiety, Shiba Inu [SHIB] whales stay…

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2 years ago

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Source: Unsplash

  • Uncertainty over Shibarium made SHIB community restless.
  • Whales continue to gobble SHIB in large numbers.

Shiba Inu [SHIB] has been under increased pressure as of late, as the meme coin shed as much as 12% of its value over the last seven days until press time, data from CoinMarketCap revealed.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Furthermore, data from Shibburn showed that SHIB’s burn rate has plummeted by almost 80% in the last 24 hours, with just 8.2 million tokens sent to dead wallets. A dip in burning activity is an alarming signal for a crypto asset and could cause further stress to the price of the second-largest meme coin.

Source: Shibburn

Whales shrug off Shibarium disappointment

The disappointment stemmed from the delay in the launch of the much-awaited layer-2 solution, Shibarium. Upon the announcement, the protocol created immense hype and there were speculations about it being rolled out by 14 February.

As it pans out, the launch has clearly missed the above-mentioned date with no clarity in sight. The official Twitter handles associated with SHIB have provided no update on the progress since the start of February, with the last being an introductory blog

about the network.

However, despite the uncertainty, large addresses continued to have their faith in the meme coin. According to data from WhaleStats, top Ethereum [ETH] whales held $650 million worth of SHIB tokens, placing it at the first position in their portfolios.

All quiet on SHIB’s trading front

Additionally, on-chain activity gave little confidence. The transaction volume decreased considerably in February 2023 while the daily active addresses have also descended after peaking on 4 February, as per data from Santiment. This suggested that trading activity for the coin has gone down.

The weighted sentiment was negative, which could have been fueled by uncertainty over Shibarium’s launch.

Source: Santiment

How much are 1,10,100 SHIBs worth today?

At press time, SHIB was down 0.55%. It broke past the indicated range on 4 February and retested the important level at $0.00001243, which has been flipped into support. With an absence of a Shibarium push, the coin could enter the range once again.

The Relative Strength Index (RSI) went below the neutral 50 mark, indicating that bears were back in business. The Awesome Oscillator (AO) indicated an increase in bearish sentiment as well.

Source: TradingView SHIB/USD

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