Shiba Inu: Metaverse Announcement, Whale Accumulation of $88 Million Don't Stop Meme Token's Price Dip

The Shiba Inu team recently announced that it is planning to dive into the metaverse sphere with the launch of Shiberse in 2022. But, despite the token's intriguing ecosystem and whales filling their bags with millions of the meme token, the price of Shiba Inu continues to dip. After the recent market correction and Shiba Inu's recovery, many Ethereum whale wallets accumulated SHIB. The meme token surged in buying volume during its price recovery.

Data from WhaleStats reveal that over $88 million worth of Shiba Inu tokens had been accumulated by the largest ETH whale wallets in a day. Two top transactions in the top 1000-Ethereum addresses were $40 million and $34 million worth of SHIB, which is now the second-largest non-Ethereum whale holding among the ERC-20 tokens. The massive transactions did not have any impact on the trend reversal in Shiba Inu price.

Moreover, the latest announcement regarding Shiba Inu's entry into the metaverse did not significantly impact the meme token's price. SHIB, which is also known as the Dogecoin-killer is the 13th largest cryptocurrency in the market at present.

Shiba Inu
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While the Shiba Inu developments have excited the Shiba Inu community and brought a ray of hope amid the market downtrend. Users have flooded Twitter with posts about the latest SHIB updates and how the new Metaverse will impact the token while crypto analysts have already shared their thoughts about the dog meme crypto.

Shiba Inu Price Prediction

Meanwhile, crypto analysts have predicted that if the price of Shiba Inu drops below $0.00001756, the meme token could go further low in the market. However, recovery is likely if its price remains above the $0.00002041 mark.

Moreover, FXStreet analysts shared that Shiba Inu has hit the point of maximum pain and is currently is eyeing the $0.000035 target.

Current Price of Shiba Inu Token

According to CoinMarketCap, Shiba Inu is currently trading at $0.00002086 down by - 3.22% in a day's trade with a market cap of $11,450,834,435 and trading volume of $1,132,721,639.

International Business Times advices crypto enthusiasts or investors not to fall for any trading rumors and keep an eye on the latest trends of the cryptocurrency market.

This article was first published on January 28, 2022