Shiba Inu’s [SHIB] short-term upside might be limited, here’s why

Shiba Inu’s [SHIB] short-term upside might be limited, here’s why

January 6, 2023

By Michael Nderitu

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ETH whales take advantage of the opportunity to make short-term gains for Shiba Inu.
A lack of strong demand may relegate SHIB to a narrow range.

According to a Whalestats analysis on 5 January, Shiba Inu [SHIB] made its way back to the top 10 list of crypto tokens by trading volume among the 500 biggest ETH whales.

This is a good sign as far as demand is concerned, as the price was attempting to bounce off a major support level. However, there might be a twist to this observation that may not translate to bullish volumes.

Whale activity can be cut both ways by contributing either bullish or bearish volumes. The last time ETH whale activity favored SHIB was at the end of December.

Fast forward a few days later, and the cryptocurrency had already achieved some upside. Not a strong upside, but enough to generate sizable profits for large trades.