An elephant holding 850 billion SHIB ($ 40.2 million) worries its owners

A whale was recently discovered that currently holds 850 billion SHIBs, valued at more than $ 40.2 million. That number of SHIBs has not yet moved, however, which is of great concern to owners, especially those anticipating an imminent sell-off.

Source: Etherscan

Currently, many SHIB holders are taking profits after the massive bull run in the crypto market. Many people don’t want to wait for one sale to take place at a time. However, some owners are persistent with their SHIB herds waiting for a new bull run.

Whales hold nearly 20% of SHIB supply, but it remains inactive and untradged for a while. If the SHIB price can continue to rise, the owners will reach their maximum profitability by the end of the year.

Since June of this year, the dominance of the whales in the SHIB has been undeniable, which has contributed to the fact that the token is listed on various exchanges such as eToro, Coinbase and Binance. With the expected listing on Robinhood, the value of SHIB could increase significantly due to the increasing number of investors.

Technical analysis and course pattern SHIB

SHIB’s trading volume is still decreasing on all exchanges, suggesting that there aren’t many buyers. There could be another rally, however, as their biggest fan is Elon Musk.

Tweet Musk’s most recent show that the Vikings reached the moon off the United States. Maybe this has no relation to cryptocurrencies. However, after enthusiasts made the connection, SHIB rose more than 18%.

The current decline in the SHIB is good and offers investors an opportunity to buy as much as possible to wait for the next bull run. Many analysts expect another zero to be removed from the price by the end of the year.

Technical analysis shows that the SHIB price is slightly above the 50 EMA. This is a very important level and it can drop to around $ 0.000055. If the SHIB gains strength, it could break the 100 EMA and head for a new all-time high (ATH) of $ 0.0009. However, the RSI is still weak.

This shows that SHIB investors are still losing money and need to be patient so they have time to get going again. While selling pressure remains high, there is still a chance that SHIB will recover quickly unlike other altcoins.

SHIB price prediction

SHIB continues to rise, it must break above $ 0.000055. Not all investors lose money because around 600,000 addresses are profitable.

While the market is still in consolidation mode, investors SHIB and SHIBA Army can drive the price up and earn ATH of 0.00091 by the end of 2021.

SHIB price table | Source: Tradingview

SHIB price is trading at $ 0.000046 at the time of writing. With a market capitalization of $ 26 billion, it ranks 11th behind Dogecoin.

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