Shiba Inu (SHIB) could break out but the longer-term outlook still seems to be bearish

The price correction in the crypto market has caused all types of investors, including whales and holders, to lose money with 5% – 10% corrections. In cases like this, investors redistribute their funds and “Tether out,” leaving their tokens behind. According to the WhaleStat service, Shiba Inu (SHIB) has reached 18% of the total ERC-20 holdings of the 1,000 biggest Ethereum wallets on the network.

shiba-inu-shib-could-break-out-but-the-longer-term-outlook-still-seems-to-be-bearish

SHIB/USD 4-hour chart | Source: TradingView

Whales are dropping Shiba Inu (SHIB) and other tokens to “Tether out”

shiba-inu-shib-could-break-out-but-the-longer-term-outlook-still-seems-to-be-bearish1

Source: WhaleStats

Previously, more than 22% of all holdings on large wallets were Shiba Inu tokens. For now, that number has declined by approximately 4% and totaled 18%. At the time of writing, SHIB is changing hands at $0.0000443.

The most popular token among whales is currently the Elon meme-currency, which received the most buying power in the last 24 hours. The biggest position in the USD value remains the Shiba Inu token that has lost around 50% of its value from the ATH.

The closest non-fiat SHIB competitor is the CRO token, with 6.5% dominating the largest Ethereum whales. But at the same time, the most bought token after USDT and Ethereum among the whales is the GALA token, with $47,000 above the average buy.

The SHIB has been falling since October 28, when it hit an all-time high of $0.000088. So far, it has hit a low of $0.0000405, doing so on November 18. More importantly, the drop caused a breakdown below the $0.000048 horizontal zone.

This makes the previous breakout just a deviation. Upward movements often follow such occurrences in the other direction. If a breakout occurs, the next resistance will be at $0.00057. While this possibility is visible on the short-term timeframes, the outlook on the daily timeframe remains bearish.

In another development, Coinhako has added support for SHIB. Its users are now able to trade the so-called “Dogecoin killer” against the Singapore dollar (SGD), the U.S. dollar (USD), and the Vietnamese dong (VND). Coinhako also operates a wallet, which now allows safely storing Shiba Inu.

Before that, Shiba Inu has also been listed by Gemini, Wealthsimple, and other trading platforms this November.

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