Shiba Inu (SHIB) May Show 10% Price Movement, But There's a Catch: Analyst

Crypto analyst and trader Ali Martinez took to his Twitter handle on Monday to share a prediction that may make the SHIB army happy.

He tweeted that the second largest canine token by market capitalization value, SHIB, may show a 10% price move from the position it held back then. The analyst suggested watching the point on the chart from where the SHIB price could either keep rising or begin a downward trend.

So far, the Shiba Inu price on that chart has gone down roughly 5% in the past 24 hours.

SHIB price goes down

Martinez shared a 1000SHIB/TetherUS Perpetual Futures chart. He warned that the rising price movement requires a confirmation was necessary, so traders should wait for a 30-minute candle to close above the $0.0146 level or under $0.0142. Either will show in which direction the SHIB price will start moving from there.

#ShibaInu could be bound for a 10% price movement!

Still, traders must wait for confirmation. A 30-min candlestick close above $0.0146 or below $0.0142 will establish the direction of $SHIB trend. #SHIB pic.twitter.com/IKLt9cU85n

— Ali (@ali_charts) February 6, 2023

Looking at the chart now, there was a red 30-minute candle on the chart, and the price went down more than 4% since then.

Overall, in the past 24 hours, the second most popular meme coin has lost more than 5%, now exchanging hands at $0.00001395. It remains to be seen if that is indeed the start of a new downward trend for SHIB.

SHIB whales buy $128 million SHIB

As reported by U.Today, over the past six days, the top hundred wallets on Ethereum had accumulated a mind-blowing $128 million worth of Shiba Inu. This sum in crypto is equal to 9,149,392,423,159 SHIB at the current exchange rate.

This turned the Shiba Inu doge-themed token into the biggest crypto holding of these whales in U.S. dollar equivalent as they held $728,981,399 in total on Monday.

However, overnight, this figure decreased a little as the whales sold some of their SHIB holdings. Now, their wallets contain $708,456,318. SHIB that now constitute 17.82% of their comprised portfolio.

SHIB holder count soars

There is more good news for the SHIB army. Analytics platform CryptEye has shared that over the past 24 hours, the total number of Shiba Inu holders jumped by 1,848, reaching a total amount of 2,335,501.

Data from another crypto tracking platform, WhaleStats, shows quite a different figure for the total SHIB holder count. According to them, it currently stands at 1,300,377.

Shibarium expectations still around

Since the middle of January, the SHIB army was excited about the upcoming release of the Shibarim Layer 2 protocol beta version, which was announced by the developers. The lead dev who goes by the alias Shytoshi Kusama on social media even dropped a hint of the exact date of release — "a heart-shaped box." Many took this to mean Feb. 14: Valentine's Day.

However, recent news shows that the much-anticipated release of the Layer 2 protocol may be delayed again, despite manifold promises to launch Shibarium "very soon" lavishly spread by Kusama since the start of 2022.