Shiba Inu Maintains Bearish Descent as Ethereum Whales Dump SHIB for Stablecoins
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According to recent reports by WhaleStats tracking service, many top whale addresses have dumped $400 million worth of Shiba Inu (SHIB) following the recent bearish wave. These whale addresses, typically resident on the Ethereum network, have withstood the third most severe corrections in the crypto market this year without liquidating most of their funds.
Despite this, SHIB still holds the largest position on large accounts, with USD Coin (USDC) coming in the second position. According to charts, SHIB has maintained a steady downward trajectory since it peaked at $0.0000854 in late October. That said, the meme coin now trades down by -61% from its all-time high.
While SHIB has tried to ignite a new Bull cycle on several occasions, its efforts have come to naught due to the absence of bullish sentiment in retail traders, who are responsible for fueling rallies.
Meanwhile, on-chain data metrics show that retail traders are dumping Shiba Inu for other crypto assets. Whales, on the other hand, have consistently purchased SHIB after each major dip. However, with the recent aggravation of the bear trend, whales have started selling SHIB and are moving their holdings into stablecoins or larger crypto assets with lesser exposure to volatility spikes.
Regardless, Shiba Inu remains one of the strongest performers on the market in 2021.
Key Shiba Inu Levels to Watch — December 6
Following a bullish breakout towards the $0.0000550 in late November, SHIB appears to have resumed tracking the descending trendline from its previous ATH. The meme coin now trades within the critical $0.0000350 – $0.0000325 technical support level, as it risks falling below the $0.0000300 zone.
The meme coin needs to hold itself above the $0.0000325 pivot base to prevent a bearish continuation to the 0.0000300 and below over the coming days.
Meanwhile, my resistance levels are $0.0000350, $0.0000375, and $0.0000400, and my support levels are $0.0000325, $0.0000300, and $0.0000275.
Total Market Capitalization: $2.22 trillion
Shiba Inu Market Capitalization: $18.8 billion
Shiba Inu Dominance: 0.84%
Market Rank: #13
