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- SHIB’s performance last year did not cause a massive dump by institutional investors and whales.
- The token has the potential to remain significant in the long term based on the technical outlook.
belonging to Shiba Inu [SHIB] The crypto market disruption in 2021 is one of the reasons it has gathered a large number of holders till press time. Despite following a negative trend for most of last year, institutional investors, including Binance, has memes in his portfolio.
Is your portfolio green? See Shiba Inu Profit Calculator
But on February 2nd, crypto broker Voyager transferred $3.2 million worth of tokens to several exchanges, Lookonchain revealed.
Voyager transferred 270B $SHIB($3.2 million) to #Coinbase, #Kraken and #BinanceUS 7 hours ago.
And still holding 6.8T $SHIB($82M) now. https://t.co/26spZXEvwU pic.twitter.com/iBojI3rb0W
— Lookonchain (@lookonchain) February 2, 2023
SHIB can resist red
Action of this magnitude usually implies an offer to sell. Therefore, it is possible that these SHIB tokens have already left the Voyager exchange wallet or will soon disappear. Nonetheless, information from Etherscan shows that the company still holds about 6.8 trillion SHIB. This might also confirm that Voyager is a longtime believer in the token.
Despite the possibility of a selloff, SHIB is not giving in to demands for selling pressure. However, it should be noted that the token was initially discarded after The FOMC raised interest rates of 0.25.
However, like other cryptocurrencies, the downside impact of the announcement was short-lived. Based on CoinGecko, SHIB changed hands at $0.000012 — a 4% increase in the last 24 hours. So, can SHIB still be a profitable long-term asset?
Based on the daily chart, the price of the meme has the potential to be higher than the current price. This is due to indications from the Exponential Moving Average (EMA). At time of writing, the 200 day EMA (yellow) is positioned above the 50 day EMA (blue). This simplification could lead to a costly bullish stance in the future.
Source: TradingView
Based on the chart above, the Awesome Oscillator (AO) puts SHIB on a bullish momentum but with red bars overflowing, the green may be out for a long time. Although, there are bullish twin peaks already forming. This can help SHIB courses to stay in control of buying.
Could be immortal for this lot
Nonetheless, SHIB caught the attention of the popes. According to Whale Stats, the token’s trend over the years may mean it will never leave the top spot the token held by Ethereum [ETH] Pope.
The faith that these deep-pocketed people have in the Shiba Inu is why they own it for $597 million.
🐳 Top 5000 #ETH whales are hiding
$597,177,249 $SHIB
$150,874,336 $ BEST
$93,163,682 $OFF
$82,544,000 $LOCUS
$77,659,598 $BIT
$68,675,310 $LINK
$63,094,243 $UNI
$62,809,064 $WHEREWhale leaderboard 👇https://t.co/kOhHps8XBB pic.twitter.com/lbuKJl1eFg
— WhaleStats (tracking crypto whales) (@WhaleStats) February 1, 2023
Realistic or not, this is it SHIB market capitalization in ETH terms
Additionally, the Shiba Inu’s market cap regained and crossed the $6 billion mark. Active address on-chain also increased to 6087 in the last 24 hours.
This implies that more users are transacting with SHIB than the previous day. However, the long-term relevance of SHIB depends on how the crypto market is trending, project development, and investor sentiment.
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