Shiba Inu Whale Adds More Than $22M SHIB, Is A Reversal In The Works?

Shiba Inu continues to receive a reasonable level of attention from crypto investors, prominently from whales who continue to hold and buy large quantities of SHIB. This time around, the meme coin is being gobbled up by one of the largest whales, which already holds hundreds of millions worth of coins.

Timeline of Shiba-inu

In August 2020, an anonymous individual (or group) called “Ryoshi” created Shiba Inu ($SHIB) —a decentralized cryptocurrency that exponentially surged months after it launched. SHIB garnered a whole community of supporters called the SHIB Army, who promoted the coin across social media, mainly on the microblogging platform Twitter.

When Shiba Inu [SHIB] went public with its efforts to delve into the Metaverse, some quarters in the crypto community took it as a joke. “How can a meme toke with no known utility say the Metaverse was part of its objectives?

Shiba INU (SHIB) price traded in thin air throughout the summer, while the gains incurred during the recent upswing also remain void at the moment. Despite following a consolidated ascending trend, the asset fails to display a strong projection for the month.

Shiba Inu, one of the most valuable digital currencies in the world, now has more than 1.214 million unique addresses on its network. According to Coinmarketcap, the figure jumped by more than 14,000 within the last four weeks.

Shiba Inu had been showing a bearish trend over the previous few weeks, but it just reversed the trend and attempted to show a positive one this month. The coin is clearly displaying a fresh trend and a brief uptrend.

Shiba Inu price analysis reveals an overall bearish pattern today as its price touched a day's high of $0.00001249 but has since retraced lower to $0.00001212. This meme coin has been bearish for a week as its price dropped from $0.00001404.

The Shiba Inu community is pumped up to complete the major revamp of the network. Accordingly, the Shiba Inu development team disclosed a major milestone regarding SHIB: The Metaverse, alongside the introduction of HUB.

Shiba Inu (SHIB/USD) has become one of the largest meme-coins out there in terms of both market capitalization as well as project development. What is dubbed the Dogecoin (DOGE/USD) killer has undergone numerous developments, where the teams are expanding in the Metaverse push, alongside an increase in its burn rate.

Shiba INU's price witnessed a bullish breakout after a prolonged consolidation of more than three months. While it was speculated that the asset may regain levels above $0.00002, the bears sealed the upper cap at $0.000017.

Shiba Inu has so far delivered a bearish performance since June, undoing its only significant bullish attempt this month. The dog-themed cryptocurrency is now showing signs of some potential short-term upside before the month ends and perhaps, in the first week of September.