• Shiba Inu [SHIB] was one of the top performers of 2021, but its price has dropped over 90% since its all-time high.
• Recent WhaleStats analysis shows that Shiba Inu has been added to the list of top 10 most traded tokens among the 100 biggest ETH whales.
• The current price range of SHIB is close to a critical support level and could act as a bounce-off range in the near future.
The crypto world has been abuzz with the recent performance of Shiba Inu [SHIB], which was one of the top performers of 2021. After achieving robust growth, it reached its all-time high of over $0.70 in mid-December but since then, its price has dropped over 90%. This week, it continued to slip further down, bringing it closer to an important support level.
Recent WhaleStats analysis shows that Shiba Inu has been added to the list of top 10 most traded tokens among the 100 biggest ETH whales. This is confirmation that there is still demand for SHIB, especially at its current support range. It is possible that this same level might act as another bounce-off range and this outcome has a high probability for SHIB in the next few days.
The last time that the price of SHIB was within this range was at the bottom of the June crash. Since then, whales have been accumulating SHIB, but retail participation is low. Investors are not in a celebratory mood yet due to the current bearish market conditions.
An evaluation of SHIB’s supply distribution reveals that most of the large address categories have been accumulating SHIB. This could be an indication that whales are expecting a rebound in the near future, though it is not certain when that will happen.
At the same time, it is important to note that SHIB is still very volatile and its price could continue to drop. Therefore, it is important to monitor SHIB’s price action and make smart decisions when investing in it. Overall, the current price range of SHIB is close to a critical support level and could act as a bounce-off range in the near future. This could be an opportunity to buy SHIB at a discounted price before it rebounds.