The crypto market appears to be exhausted followed by the latest bull run. The market leaders Bitcoin and Ethereum have run out of fuel after claiming their new highs. Notably, other prime altcoins Solana, Polkadot, Litecoin, and other coins have slowed down their rally for some time now.
However, Meme coins have been trading sideways after the groundbreaking rally since the start of the quarter. Especially, the chief of the meme coin SHIB has been dumping hard with negative gains of -28.39% over the past week. Questions running around the market are, whether is this the right time to buy the dip? Or more Dip is incoming?
Whale Manipulation to Hurt SHIB Price!
After surging by over 950% since the start of the quarter, SHIB appears to have fallen vulnerable for Whale games. Jacob Oracle, a popular crypto analyst, shared his views on the latest SHIB price dump. The data shared by him highlights a movement of the wallet which has recently turned his $8k shib investment into almost $5.7 billion.
The same wallet redeemed 40+ trillion of his investment to the other four wallets. If he steps ahead to sell all of his holdings, then the analyst expects the meme coin to dump its profits by 99.99%. Netizens referring to this as an indication of the massive liquidation ahead! In addition, data from ByBt indicated a total of $1.39 million liquidations in 24 hours.
Shiba Inu Price Analysis:
Shiba Inu has recently claimed its new ATH of $0.00008845, eventually, the altcoin has experienced a considerable loss. With the recent rejection of price at the $0.00006458 support zone, the SHIB price has plummeted to $0.00004479 with a negative gain of -33.45% round the clock.
The next immediate support for the asset lies between $0.00004198 and $0.00003626, if it fails to sustain the above level too, then it would experience a drastic dump.
Collectively, as Kraken exchange has been showcasing the likelihood of listing Shiba Inu on to their exchange, it would act as a major catalyst for the upcoming price action.
The price is expected to claim higher highs post the listing. However, the meme coin is still up by over 60 million percent in year-to-date performance. The latest weakness would be a merited breather prior to the resumption of the next bull cycle.