2023-1-9 13:00 |
Shiba Inu is among the most purchased cryptocurrencies by Ethereum whales
The price action is still bearish despite a Shibarium update
SHIB could maintain the downtrend if new developments do not come up
Meme cryptocurrency Shiba Inu (SHIB/USD) is again on Whale’s radar. According to Whalestats, Shiba Inu is among the most bought cryptocurrencies among Ethereum whales. The whale appetite has grown since the start of the year, and there is a reason.
A tweet on December 29 by Shiba Inu lead developer Shytoshi Kusama heightened speculations on Shibarium update. Shibarium will be a Layer-2 solution that will expand use cases for the Shiba Inu ecosystem. The update will see new features, including the Shiba Inu metaverse and blockchain games. These are expected to be game changers that will tilt Shiba Inu from its current meme label and make it competitive in Web3.
According to Kusama’s tweet, Shibarium could be on course to be launched “very soon.” The developer expressed optimism after meeting “the team from Unification UND about Shibarium.” As you already know, delays on the Shibarium update have been a thorn to SHIB. At the same time, frequent updates about Shibarium have failed to bear fruits in recent times. While the latest update is positive, speculators have expressed caution as the SHIB price remains weak.
Shiba Inu maintains a downtrend amid slight recoveriesSHIB/USD Chart by TradingView
The daily chart outlook shows SHIB is bearish, with SHIB maintaining a downtrend. The cryptocurrency is on a short term recovery, with the RSI shifting above the midpoint. SHIB is retesting a possible short-term resistance at $0.0000085. The price is already facing some rejection at the level, and a correction is imminent.
SHIB concluding thoughtsShiba Inu is still bearish despite the increased whale accumulation. Potentially, the Shibarium update and whale accumulation are a bull trigger. However, investors would like to see the update happen after delays. As of the moment, investors would be better off watching the developments and buying SHIB on a confirmed bullish reversal.
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The post Shiba Inu’s whale buying intensifies but does price action show it? appeared first on CoinJournal.
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