Shiba Inu Coin: Analyst Predicts SHIB Price Could Hit $0.00007 Despite Dump

A Shiba Inu whale recently dumped colossal amounts of SHIB tokens to Coinbase, one of the world’s leading CEXs. The massive amount of SHIB offloaded promptly ignited a bearish sentiment among crypto market enthusiasts globally, as SHIB price noted a pullback today, May 1. 

Crypto market participants continue to speculate over the dog-themed meme token’s price action ahead as the market braces for heightened volatility with the FOMC meeting in the pipeline. Let’s take a deeper dive into SHIB’s current on-chain movements.

Shiba Inu Whale Dumps 101 Bln SHIB Raising Concerns

According to an on-chain tracker named ‘The Data Nerd,’ whale 0x9f5 deposited a staggering 101 billion SHIB, worth $2.15 million, to Coinbase today, May 1. Notably, the whale accumulated these tokens a week ago with an investment worth $2.71 million.

However, the whale registered a loss of $560K, selling amidst the meme crypto’s downturn. This has sparked severe concerns among investors surrounding the token’s continued bearish movement in the market.

Intriguingly, usual market sentiments ride a bearish wave as the transaction conveys a loss of interest in the asset by the whale. Further, it birthed bearish sentiments among investors as the whale sold SHIB despite a considerable loss.

It’s worth noting that a post-BTC halving is yet to occur. Nonetheless, the whale dumped massive amounts of SHIB, flagging a potential continued bearish movement for the token.

Meanwhile, SHIB traded remarkably in the red today, aligning with a stockpile of bearish on-chain data and the whale dump mentioned above.

Also Read: Crypto Prices Dip On May 1, Why Bitcoin Price Risks Crashing To $45-49K?

SHIB Price Slips

As of writing, the Shiba Inu price has fallen 2.86% in the past 24 hours and is currently trading at $0.00002168. Coinglass revealed a 6.21% drop in the token’s open interest, whereas liquidations totaled $794.29 million. This primarily reflects SHIB’s slumping price action in the market. Concurrently, SHIB’s market capitalization fell by 2.26% to $12,807,649,994. However, with a rise in the 24 hour trading volume by 8.17% to $749,452,444 suggesting that traders may be taking advantage of the sell off to buy the dip.

Whereas, the FOMC meeting, further escorted by the abovementioned massive whale dump, has pushed the meme coin to take a bearish stage. Despite staggering amounts of tokens incinerated in April, Shiba Inu’s price trajectory waned over the past month, falling roughly 20%. This has curated a tidal wave of speculations on the token’s price action ahead, with a renowned crypto market analyst further adding to these speculations.

Ali Martinez, a renowned crypto market analyst, anticipated SHIB to scale the $0.00007 mark ahead, birthing contrasting sentiments across the global crypto community.

Also Read: Why Bitcoin Price Dropped Today? When Will It Recover?