Shiba Inu: A ‘Millionaire’ Bet Against Long-Term Uncertainty?

The greatest war is the war of perception. And Shiba Inu seems to have won it, at least for now. Strikingly, SHIB has increased in value 1000x in the past year. However, the meme token hasn’t seen much smooth sailing, especially lately.

After the conflict between Ukraine and Russia broke out, the SHIB dropped down the charts. Still, it’s intriguing to note that SHIB’s move south looked less impacted compared to the general market.

Now Shiberse could be one of the reasons. On February 25, Shiba Inu announced the launch of 99,000 digital plots in its metaverse. This excited many in the Shiba Inu community and brought a glimmer of hope amid the downturn in the market.

What’s in it for ambitious traders?

For some traders, it is nothing short of a gamble to ‘buy the dip’. Unfortunately, a large proportion of retailers share the same sentiment. Well, SHIB’s short-term price trajectory must be the reason behind it. At the time of writing, the meme coin was trading at $0.00002405, down 1.07% over the past day. Currently, traders who bought the dip in late January and decided to go for HODL may be battling with their intuition.

Bears appear to have taken command as the coin puts up a valiant battle to break the seven-day resistance of $0.00002713. If demand picks up, the bulls could move higher to test $0.00003554 in the coming days. The likelihood of this cannot be relied upon as RSI looked saturated at the 47 mark at the time of this analysis.

And MACD looked like for a bearish divergence. Amid this bearish chaos, however, it is important to note that SHIB’s long-term outlook presents profit-driven opportunities. Something traders and investors have been looking forward to. Well, while price charts are yet to reveal any latent money making opportunity, on-chain stats can be of great help here.

Source: TradingView, SHIB/USD

Ta-da! Whales betting on SHIB?

Two large Ethereum whales have bought 105.7 billion Shiba Inu tokens. According to Whale Statistics, an Ethereum whale called “Light” made a great addition to his holdings. The wallet now contains SHIB worth $887.617,540, 12.6 percent of its crypto portfolio.

However, the second investor has acquired even more SHIB than “Light”, as per Whale Statistics† Now you may be wondering, what’s in it for a trader? Well, chances of winning.

The takeover of whales is usually a sign of an upward trend that could follow in the long run. And despite the short-term downtrend, whales are very confident in SHIB. Interestingly, the chart below shows an increase in the number of whale transactions after Feb. 24. Definitely a defining moment for people planning to enter the market.

Source: Holiness

It is also important to note that on a macro scale, foreign exchange inflows have declined. Given a shorter time frame, the influx of exchanges for SHIB has not seen a major increase except for the short one. Recently, on February 25, it peaked and then went down again. This simply means that investors gave in to panic selling during the conflict in Ukraine. But they want to get through the conflict in Ukraine HODL to take advantage of the opportunity ahead.

Source: Santiment

Before increasing the risk appetite, a look at active addresses is also required. Well, for SHIB it was a concern. The daily active addresses are somewhat consolidating. A significant increase has not been noted for more than three months.

This doesn’t really indicate a bearish move, but it does show investor interest. And as of now, interest seems to be waning a bit.

Source: Saniment

SHIB’s rebound after Feb. 24 suggests that for investors with a higher risk tolerance or seeking a high risk-reward ratio, buying SHIB in a risk-free environment may be a good bet against long-term uncertainty.

And who knows, maybe SHIB can make you a millionaire someday. Probably not, but many people take hyperbole seriously.

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