UShiba Inu uLahle iWhale Dominance phakathi kweBearish Price Action

UAzeez Mustapha

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Shiba Inu (SHIB) has lost a huge chunk of its dominance among the top 1,000 Ethereum whales. This downtrend became more pronounced after the meme coin dropped by over 12% due to a local reversal.

As the GameFi industry overtakes the crypto industry in bullishness, some analysts opine that meme coins, like Shiba Inu, have begun to settle into range-bound phases or even bear trends, which could trigger losses to the general crypto market capitalization.

One common trend indicator is the dominance among various digital assets. As dominance in a preferred asset drops, whales tend to distribute their funds into other assets as a hedge. Given that GameFi and Metaverse tokens are the raves of the moment, whales have steadily moved their funds into these sectors.

Despite losing 12% in whale dominance (from 20% to 8%), SHIB boasts of a USD value of roughly $2 billion.

Whales likely hold the same amount of tokens, at the moment, but are not increasing their positions on SHIB. As mentioned earlier, this comes amid the downbeat performance of the token over the past few weeks.

Furthermore, reports show whales now hold more “other tokens,” like smaller altcoins with relatively smaller market capitalizations, making it more difficult to track.

Amanqanaba eShiba Inu angundoqo aza kujongwa — nge-3 kaDisemba

Following a bullish breakout on Tuesday, SHIB recorded a multi-week high near $0.0000550 but could not sustain the rally and slumped to the $0.0000420 support. However, the second-largest meme coin has bounced off a new ascending trendline to reclaim the $0.0000440 axis.

I-SHIBUSD - Itshathi yeeyure ezi-4 kwiBinance. Umthombo: TradingView

With the current upbeat sentiment across the broader market, we could see a retest of the $0.0000500 pivot base as we head into the weekend. Also, I expect any new bearish move in SHIB over the coming hours or days to get repelled by the mini ascending trendline.

Okwangoku, amanqanaba am okumelana ne-$ 0.0000500, i-$ 0.0000550, kunye ne-$ 0.0000600, kwaye amanqanaba am enkxaso yi-$ 0.0000420, i-$ 0.0000400 kunye ne-$ 0.0000375.

Imali iyonke yentengiso: $ 2.64 zezigidi

Iimali ezinkulu zeShiba Inu Market: $ 24.1 billion

Ukulawulwa kweShiba Inu: 0.91%

Inqanaba lentengiso: #13

 

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UAzeez Mustapha

U-Azeez Mustapha yingcali kwezorhwebo, umhlalutyi wemali, umhleli weempawu, kunye nomphathi wezezimali ngaphezulu kweminyaka elishumi yamava kwicandelo lezemali. Njengombhali webhlog kunye nombhali wezemali, unceda abatyali mali baqonde iikhonsepthi ezintsonkothileyo zemali, ukuphucula izakhono zabo zotyalo-mali, kunye nokufunda ukulawula imali yabo.

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