Although Shiba Inu’s price has fallen in the last 24 hours, ETH whales have been on a buying spree. Also, the token’s price failed to increase even after the launch of the Shiba Eternity.
SHIB’s Price Drops Despite Release Of Shiba Eternity
In the last 24 hours, the entire crypto market valuation has dropped by about 2.6% to below $920 billion. During the weekend, major cryptocurrencies like BTC and ETH were in the red region.
SHIB/USD Price Chart Source: Trading View
The SHIB price retreat of 7.8% and 9.0% on the corresponding daily and weekly timeframes stood distinct in the market. Price gains for Shiba Inu are frequently accompanied by stellar improvements in retail excitement and social metrics.
Usually, these sentiments help to push the price of tokens up. On October 6th, the SHIB community released the Shiba Eternity game. Unfortunately, the price of SHIB did not rebound this time.
After the game’s debut, the combined social sentiment reached a new all-time high. Yet, this did not support a price increase. Besides, the briefly elevated levels of positive social emotion dropped within a day as social sentiment decreased.
SHIB’s price was relatively stable as it traded close to the $0.00001000 support line. This played an important role as a barrier to buyers and sellers throughout the Q2 and Q3 quarters of 2022.
The daily RSI was moving closer and closer to the oversold region. This indicated that sellers controlled the market while trade volumes remained relatively low.
Massive Demand For SHIB From Ethereum Whales
Further, the Ether whales still seem to have an optimistic outlook on SHIB, despite the price decline. On October 11th, WhaleStats stated that the top ETH whales had $133.97 million worth of SHIB.
In the last 24 hours, 40.59 million SHIB coins have been burnt. Meanwhile, the price of SHIB may go higher if supply is continuously removed from the exchanges. Moreover, there is still robust demand for SHIB from Ethereum whales.
On September 20th, there were huge departures from the biggest no-trade addresses. This suggests that some whales most likely deserted the SHIB ship as prices plummeted below important support levels.
Although ETH Whales were positive on Shiba Inu, Shiba Inu Whales and HODLers were bearish regarding the price.
According to IntoTheBlock, SHIB’s on-chain metrics and decreasing network growth reveal that the price might retest $0.00000850 again.
On the other hand, if the bearish sentiment is proven to be incorrect, along with the backing of ETH whales piling SHIB, this might result in short-term profits.
In this scenario, the next point of resistance for SHIB might be close to $0.00001100. By press time, Shiba Inu was trading at $0.00001035 down by 3.38% in the past 25l4 hours.