Shiba Inu (SHIB/USD) whale buying intensifies but does price action show it?

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  • Shiba Inu is one of the most bought cryptocurrencies by Ethereum whales

  • Price action still bearish despite Shiberium update

  • SHIB may maintain downtrend if new developments do not emerge

The meme cryptocurrency Shiba Inu (SHIB/USD) is on the radar of whales again. According to Whalestats, the Shiba Inu is one of the best-selling cryptocurrency among Ethereum whales. Whale appetites have increased since the beginning of the year, and there’s a reason for that.

A tweet by Shibatoshi Kusama, lead developer of Shiba Inu, on December 29 fueled speculation over a Shiberium update. Shiberium will be a layer-2 solution that will expand use cases for the Shiba Inu ecosystem. The update will see new features including the Shiba Inu Metaverse and blockchain games. These are expected to be game changers that will shake Shiba Inu from its current meme label and make it competitive in Web3.

According to Kusama’s tweet, Shiberium could be launched “very soon”. The developer expressed optimism after meeting “the team at Unification UND about Shiberium”. As you already know, the delay in Shiberium updates has been a sore spot for SHIB. At the same time, frequent updates about Shiberium have failed to bear fruit in recent times. While the latest update is positive, speculators have exercised caution as SHIB price remains weak.

Shiba Inu continues to decline amid modest recovery

SHIB/USD Chart by TradingView

The daily chart approach shows that SHIB is turning bearish, while SHIB is in a bearish position. The cryptocurrency is on a short-term recovery, with the RSI shifting above the midpoint. SHIB is retesting a potential short-term resistance at $0.0000085. The price is already facing some rejection at the level, and a correction is imminent.

SHIB Closing Thoughts

The Shiba Inu is still in a state of decline, despite the growing accumulation of whales. Potentially, the Shiberium update and whale accumulation are a bull trigger. However, investors would like to see the update happen after the delay. At this point of time, it would be better for investors to watch the developments buy SHIB On a confirmed bullish reversal.

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