Shiba Inu Price Prediction – Can SHIB Reach $1 Before Dogecoin?
Shiba Inu suffered a dramatic sell-off on Monday evening with the coin dropping almost 10% in just two hours.
SHIB fell from $0.00001074 to a 24hr low of $0.000009976 in the early hours, before a small recovery.
Currently trading at $0.00001031, SHIB is still more than 4% down on the 24hr chart and more than 8% on the seven-day chart.
However, the rash of sales and buy backs saw volume shoot up by 120% to just $280 million.
As CryptoNews revealed on Monday, SHIB remains a favorite hold for crypto whales.
According to WhaleStats, which tracks the top 5,000 Ethereum whales, SHIB is their biggest hold away from ETH with a combined value of $135 million.
The site also revealed that SHIB had flipped Locus Chain (LOCUS) after a period of accumulation to become their top holding - although that was before Monday's late sell-off.
Etherscan data shows one wallet has sold more than 620 billion tokens in less than a month - but bought back almost double that amount.
The wallet, which has a balance of nearly 400,000 ETH (approx. $512 million), has acquired more than 1 trillion SHIB at lower prices in the same period.
Another whale took more than 1.72 trillion SHIB off of Huobi last week but has yet to do anything with the coins, it appears.
With such massive amounts of SHIB being held, even small fluctuations in price can see whales make huge gains given the massive size of their bags.
Interestingly, the SHIB Relative Strength Index (RSI) sits at 28, meaning it is extremely oversold but bearish sentiment remains attached to the coin.
Dogecoin and Shiba Inu will forever be linked with Dogecoin the original meme coin and Shiba Inu the largest and most popular 'DOGE Killer'.
Both meme coins have strengths and weaknesses that have seen them opposed
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