- The 100 largest wallet addresses on Ethereum holding $1 billion of Shiba Inu have shed nearly $17.6 million in SHIB.
- These whales accumulated Shiba Inu for weeks, making the meme coin the largest non-Ethereum altcoin holding in their portfolios.
- Analysts believe Shiba Inu price could plummet in response to the largewallet holdings reduction.
Large wallet investors on the Ethereum blockchain have consistently accumulated SHIB. Over the last few days, however, these whales significantly reduced their holdings. With a decline in Ethereum whales’ SHIB holdings, proponents expect a bearish impact on Shiba Inu.
Shiba Inu balance of Ethereum whales plummets by $17.6 million
Ethereum whales have emerged as one of the largest holders of Shiba Inu. Large wallet addresses on the Ethereum network were considered bullish on SHIB when their meme coin holdings crossed the $1 billion mark. However, ETH whales have shed some of their Shiba Inu holdings over the past few days.
The 100 largest Ethereum whales now hold $982,324,880 after shedding $17.6 million in SHIB tokens, which the sentimenthas shifted from bullish to bearish.
Proponents note that one of the critical reasons for a drop in Shiba Inu holdings among Ethereum whales its the recent price pullback. The process can have a negative feedback effect with decreases in whale holdings fueling a bearish sentiment among Shiba Inu holders, and then more liquidations.
Further selling around the current price levels can put Shiba Inu in a dangerous postions as the meme coin has been forming a descending triangle on its daily chart. A sustain daily candlestick close below $0.000021, and more importantly below $0.000018, could trigger a 48.59% correction. Such a significant decline can send SHIB to $0.000011 or even $0.000010.
SHIBUSDT 1 day chart
It is worth noting that the pessimistic outlook would be invalidarted if Shiba Inu price can slice through the $0.000023 resistance level. Moving past such a critical supply zone can encourage market participants to re-enter the market and help SHIB recover and potential hit $0.00004 as FXStreet analysts explain in the video below.