Shiba Inu experienced heightened requests from users owning ETH-based digital accounts, defying the abysmal performance of the meme coin earlier in May. Recent information on the best-performing whales in the digital assets industry shows that Shiba Inu sits ahead of other whales based on the number of purchased currencies.
Moreover, current projections based on the meme coin’s charts revealed that the currency would hit $0.000011. However, the asset shortly dipped to $0.000009, leading to investors selling at a rate that the coin had not seen since this February.
The coin reportedly saw an abysmal performance earlier in May, to the surprise of experts’ analysis. Additionally, the poor campaign of the currency after hitting an all-time high reduces the profit potential of the asset to whales to nearly zero. Yet, whales are reportedly purchasing the digital asset.
Top investors usually average down their stakes at loss moments in an asset to salvage their equity should the virtual currency recover some or all its worth. The continuous purchases of whales on the meme coin were reportedly in an attempt to average down on the coin’s falling worth.
While many stakeholders in the digital asset industry expect Shiba Inu to lose almost all its worth, whales’ interventions by buying in large quantities could reduce the sales pressure on the coin. At the report’s time, Shiba Inu sells at $0.000012.
Experts Say Shiba Inu Might Follow Luna’s Failure Gradually
Following the LUNA meme coin’s crash earlier this month, some experts predict Shiba Inu could also crash gradually. The analysts at a digital assets research team, Finder, predicted the digital asset to dip significantly in its value by the end of the year.
The analysts released their report on the 10th of May and predicted that the coin’s value would fall by the end of the year. The researchers said Shiba’s worth would reduce by approximately 7.6% from its value of about $0.00002 at the report’s time. Moreover, they predicted that the meme coin would fall in worth to about 100 times below its current price by the end of 2030.
However, the team’s reports didn’t indicate whether the currency’s value might spike somewhere between now and 2030. Therefore, short-term traders might have the chance of profiting from the meme coin in the meantime.
Many retail investors are taking a cue from the crash in the value of Luna and its stablecoin. A report by a US-based news outlet reveals that individual investors suffered the most from Luna’s price fall. Some traders lost massive savings from the $40 billion loss in the digital asset market.
Reports say that Terra’s tokens crashed due to systemic failures. However, Finder’s researchers predicted that Shiba Inu’s crash would come from a maturated market and the realization that meme coins don’t produce significant yields.
Apart from Shiba Inu, some other experts warned investors against Dogecoin. The altcoin sells at $0.085556 at about a 1.03% 24-hour price fall. Despite the negative news about Dogecoin, Elon Musk places the altcoin in a positive light by recently reaffirming that he believed in the potential of the altcoin as a currency.