According to cryptocurrency analysis firm Arkham Intelligence, a whale wallet has purchased 131 billion Shiba Inu (SHIB) coins. The tokens are worth around $2.16 million. The wallet previously held 149.997 Ethereum (ETH), currently valued at roughly $420,000. The whale does not have any other cryptocurrency right now, apart from its recent SHIB purchase.
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Shiba Inu’s Woes Continue
Despite the big purchase, SHIB continues to stagnate. The asset is down 2.4% in the daily charts, 14.6% in the weekly charts, 19.9% in the 14-day charts, and 33.6% over the previous month. Despite the massive correction, SHIB has maintained some gains in the yearly charts, rallying 78.9% since January 2024.
SHIB follows the current market downtrend. The latest market dip was likely a reaction to the US imposing new taxes on Canada and Mexico. The market recovered slightly after the US announced that it would pause tariffs for 30 days.
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SHIB’s lackluster performance could also be due to macroeconomic factors. The Federal Reserve has taken a hawkish stance with its monetary policy for 2025. Investors may be weary of investing in risky assets, especially memecoins.
When Will The Asset Recover?
According to Changelly, SHIB may reclaim the $0.00002 level in April 2025. The platform anticipates the asset to trade at a maximum price of $0.0000224 in April. Hitting $0.0000224 from current price levels will entail a rally of about 41.15%.
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SHIB will likely regain momentum when the larger crypto market recovers. With global trade wars and an unpleasant macroeconomic environment, the crypto market may continue to stagnate. If the Fed announces an interest rate cut, SHIB and other crypto assets could see some positive momentum.
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