Shiba Inu: Ethereum whales keep the faith but what does SHIB have to show

• The total accumulation of Shiba Inu by Ethereum whales was $75.28 million, far ahead of their other holdings

• SHIB’s performance is far from impressive despite the attention it has garnered. Probable consolidation in the short term and possible respite in the long term.

Fourteenth ranked cryptocurrency, Shiba inus [SHIB] was unable to repay the faith in Ethereum [ETH] the whales have in it. The token, which was a formidable piece of retail therapy in 2021, had struggled to compensate for these whales with a significant price increase.

In fact, the inability to generate profits took another round while SHIB reached the lowest value of 2022 on November 13.

Here is Shiba Inus's [SHIB] price prediction for 2023-2024

Is it an unprofitable business?

Data from WhaleStats on Nov. 15 showed that the top 5,000 Ethereum whales held $75.28 million worth of meme coins. According to the whale-tracking platform, that was a difference of $16.59 million from second place. ManufacturerDAO [MKR]

It was implied that these whales held SHIB in high regard, but did SHIB return that favor? From a broader perspective, cryptocurrency was nowhere close to that. According to CoinMarketCapSHIB volume in the past 24 hours has decreased by 30.62%.

At $200.19 million, this meant that retail investors did not consider the token worthy enough to engage in trades. It was even worse as many cryptocurrencies seemed to have made gains in the last 24 hours with Bitcoin [BTC] and ETH no slouch. For the SHIB, it preferred to choose the other path with a drop of 0.62%.

By price action, the SHIB position indicated a resolution to stay below the current $0.0000092. This was due to the Exponential Moving Average (EMA) position derived from the daily timeframe chart. According to the chart, the 20 EMA (blue) of SHIB has moved below the 50 EMA (yellow).

Due to this position, the potential movement of SHIB might prevail in the downtrend.

However, it looked like there might be a long-term red shutdown. This was due to the indications of the 200 EMA (orange). Based on the signal from the 200 EMA, SHIB might not last all year with bears in check as there would be some breathing room.

As for the Awesome Oscillator (AO) at -0.00000138, it clearly gave signs that SHIB’s momentum was in defeatist mode. Therefore, the token was unlikely to be revived soon.

Spread burns

Moreover, the SHIB burn rate has also felt the impact of the recent decline. According to Shibburn, the burn rate had dropped 11.85% in the past 24 hours. Although it peaked at over 1000% on November 14, the current state indicates that fewer holders have gained from the circulation of dead wallets.

In other parts of its channel, SHIB appeared to succumb to declines. According to Santiment, his network growth had increased incredibly to 9,406 by November 14. However, the same metric was off the top radar at press time.

At this point, this meant that adding users and new addresses was rarely created on the SHIB network. This state meant that ETH might have to wait longer to potentially recover profits from its holdings.