Shiba Inu Price Prediction as $300 Million Trading Volume Floods In – Are Whales Selling SHIB?
The price of Shiba Inu has dropped to $0.0000114 today, after news of financial problems at Silvergate Bank spooked the market. This price represents a 5% fall in 24 hours, a 13% loss in a week and a 3.5% decline in the last 30 days, with the meme token unable to escape the wider market's problems.
Today's selloff has seen 24-hour trading volume rise back up to $300 million, bringing the kind of liquidity and volatility that may help SHIB rebound in the coming days. And with the launch of the layer-two Shibarium network due this month, the next one or two weeks could end being very positive for the meme token.
Based on SHIB's chart, it seems that the altcoin may fall further before it bottoms out and begins rising again. While its relative strength index (purple) has fallen hard in the past few days, its 30-day moving average (red) has yet to sink below its 200-day average (blue), so it may be some time yet before a bottom is reached.
As for how far SHIB may actually drop, it may potentially fall below $0.000011 in the next few days. Whether it falls much further below this level depends on whether Silvergate Bank does declare bankruptcy, as is feared.
It also depends on the whales and other big investors, who seem to have been offloading their SHIB holdings in recent days. If they continue to sell, the coin could witness further significant drops.
However, the WhaleStats website currently lists SHIB as among the most traded token among whales, as well as the token with the biggest overall holdings. In fact, the top 2,000 addresses for ETH-based holdings own SHIB worth around $606 million, down by only $13 million compared to yesterday.
As such, whales have generally held onto their SHIB holdings, despite a few selling today
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