Shiba Inu Price Prediction as 21.5 Trillion SHIB Bought Last Week – Can SHIB Reach $1?
Shiba Inu (SHIB), the Ethereum-based ERC-20 Shiba Inu dog-inspired meme coin at the heart of Shiba Inu’s web3 ecosystem, has seen choppy price action on Monday.
SHIB at one point rallied as high as the $0.000009 level once again, but has since fallen back to the $0.0000087 area, where it still trades higher by about 3% on the day.
Large buyers could be spurring the rebound.
As per data presented by IntoTheBlock, SHIB whales (i.e. wallets holding over 0.1% of the outstanding supply) bought over 21.5 trillion worth of SHIB tokens last week.
That outstripped the 21 trillion in tokens sold by whales over the last week by around 500 billion SHIB, worth $4.4 million at the current market price.
While Monday’s rebound is promising, the SHIB bulls should temper their optimism.
The SHIB price once again rejected a retest of its 21-Day Moving Average on Monday for the third time in the last month, suggesting the downtrend that has seen it drop around 13% already this month likely remains in play.
Indeed, SHIB continues to face elevated technical selling pressure in wake of the downside breakout from a long-term pennant structure and the cryptocurrency’s recent “death cross”.
A death cross is where the 50-Day Moving Average crosses below the 200-Day Moving Average.
Unless it can muster a meaningful break back to the north of its 21DMA at the $0.00000908 level, SHIB remains on track to test its lows from the end of last year just under $0.000008.
For SHIB to reach $1 per token, that would mean its market cap reaching around $590 trillion.
That would be more than the combined value of the entire world’s stock and real estate markets.
While cryptocurrencies are wild, that’s not going to happen, not least because SHIB boasts very little utility
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