Prices in the crypto market remain depressed for the fifth week in a row. Shiba Inu (SHIB), the second most popular meme coin after Dogecoin (DOGE), has lost 31% of its value in that period – dropping from $0.00001594 to trade at $0.00001101 at the time of writing.

Support at $0.000011 is critical for the resumption of the uptrend.

However, SHIB price might prolong the leg to $0.00001 before the next upswing, this time targeting to ‘eat’ one zero and settle above $0.0001.

Ethereum Whales Intensify Risk Appetite For SHIB

Ethereum whales are buying Shiba Inu tokens in large numbers, possibly to take advantage of the dip and the upcoming beta launch of the layer 2 blockchain network – Shibarium.

WhaleStats, a platform dedicated to tracking crypto whales’ activities, in its recent analysis of the top 1,000 ETH wallets, revealed a purchase of 131,477,192,339 SHIB worth roughly $1.5 million.

The same ETH whale – dubbed ‘BlueWhale0073’ – added another massive transaction of 200,899,251,805 SHIB on 7 March, worth approximately $2.2 million.

This investor is ranked 254 among Ethereum whales tracked by WhaleStats.

Due to this spike in demand for SHIB, the meme coin ranked top among tokens HODLed by the top 1,000 ETH whales.

Other tokens in this category include MATIC, BEST, and LINK – taking up the rest of the top five positions in the same order.

That’s not all, Shiba Inu is also at the helm of the top ten most purchased tokens among the 2,000 biggest Ethereum whales in 24 hours.

If this spike in SHIB’s uptake among whales continues, the momentum behind the meme token would soon initiate a trend reversal.

Shiba Inu Price Yearns For Support – Should You Be Buying The Dip?

Shiba Inu price is back to trading below all the applied major moving averages, including the 50-day Exponential Moving Average (EMA) (line in red), the 100-day EMA (line in blue), and the 200-day EMA (line in purple).

The loss of key support areas at $0.000014 and $0.000012 implies bears hold the reins. Furthermore, with the 50-day EMA crossing below the 200-day EMA, a danger would be looming with the presence of a death cross.

A death cross is a key pattern that occurs when a short-term moving average flips beneath a long-term moving average. Traders often capitalize on this pattern to make the most out of short positions taken in the asset traded.

For that reason, sustained price action below the support broken at $0.000012 and the ascending trend line could validate another round of losses to $0.00001.

SHIB/USD daily chart

It would be prudent for traders to delay triggering buy orders in SHIB in the near term because it might be pointless to trade against the trend.

The Moving Average Convergence Divergence (MACD) indicator upholds the rise in selling pressure dominance while sustaining a sell signal since 9 February.

Odds flipped against bulls as soon as the MACD line in blue slipped below the signal line in red.

For now, Shiba Inu price is likely to keep the pessimistic outlook intact until the next support at $0.00001 is tested.

Sweeping through the liquidity in this area could make Shiba Inu attractive to more investors, including retail – keeping in mind the launch of the Shibarium protocol beta.

As the recovery starts possibly this week or in the next, investors would be looking toward $0.000012 for the first round of profits.

However, increased demand for SHIB after the Shibarium beta release could elevate Shiba Inu price to $0.0001.

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Shiba Inu Lead Dev Will No Longer Follow Shibarium Projects

Shytoshi Kusama, Shiba Inu’s lead developer has resolved not to follow any of Shibarium projects, citing endorsement misinterpretation.

In a recent Twitter thread, Kusama reckoned that some people were using Shibarium to promote linked projects.

Nevertheless, the developer encouraged every investor to focus on “DYOR” – doing your own research.

Kusama insisted that whenever he refers to a project within the ecosystem, the community must thoroughly evaluate it before investing.

On other hand, if he has a negative view of a project, the community must also research independently – not take his word for it.

He argued that even the SHIB development team carries out market research on key projects before moving ahead with them.

The Shiba Inu community has been anxiously waiting for the launch of Shibarium, an Ethereum layer 2 protocol designed to revolutionize the Shiba Inu ecosystem.

Kusama said around mid-February that the beta version of Shibarium would be released in May but possibly before then.

Shiba Inu Alternatives To Buy Today

Before buying the Shiba Inu price dip, you may want to check out some of the best crypto presales for 2023. A dedicated team reviews the list of the best altcoins to buy, bringing to your attention possible options to diversify your crypto portfolio.

Fight Out (FGHT)

Fight Out is an upcoming yet revolutionary bridge between Web2 and Web3. Fight Out will be a game-changing move-to-earn fitness app and also has metaverse and play-to-earn elements.

Users are rewarded for completing workouts at home or in a gym and can also earn additional rewards by taking part in player-vs-player challenges and games.

The project is among our best new cryptocurrencies to invest in.

Investors scooping up FGHT tokens in the presale have so far raised $5.22 million and can also take advantage of 67% in bonus tokens depending on the purchase amount and vesting period chosen.

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Metropoly (METRO)

Similarly, Metropoly stands out among other 2023 crypto presales for embracing a new approach to investing in the global real estate economy.

With METRO, investors can buy fractional ownership rights in real estate properties around the world.

An NFT marketplace drastically changes the propriety landscape by cutting the time needed to invest from 60 days to under 20 seconds. Investments start with the purchase of an NFT with as little as $100 – allowing everyone to earn rental income monthly.

The presale has already raised more than $600,000.

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Tamadoge (TAMA)

Play-to-earn and metaverse projects continue to take the crypto market by storm, with many analysts expecting a huge surge in Web3 games during the next bull run.

Interest in such projects became evident with the launch of Tamadoge in Q4 2023, leading to an explosive 1,800% rally in TAMA following its first listing on exchanges.

TAMA now trades 4.8% lower on the day at $0.0137 and 92.95% from its all-time high.

Despite the crypto winter raining heavy blows on crypto assets like Tamadoge, the development team continues to work around the close with the launch of TamadogeNFTs, and TamadogeArcades – a selection of P2E games.

Crypto analysts believe Tamadoge has the potential to rival meme coins like Shiba Inu and Dogecoin, riding on its many use cases as a gaming and metaverse project.

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