SHIB’s performance last year has not led to massive deposits from institutional investors and whales.
The token had the potential to remain significant in the long run based on the technical outlook.

Shiba Inus [SHIB] The disruption of the crypto market in 2021 was one of the reasons why it accumulated a lot of holders till the time of writing. Despite remaining in the negative direction for much of the past year, institutional investors have been among them Binance, owned the meme in his portfolio.

Is your wallet green? look at the Shiba Inu profit calculator

But on Feb. 2, crypto broker Voyager transferred $3.2 million of the token to various exchanges, Lookonchain announced.

SHIB can resist the red colors

An action of this size usually involves an offer to sell. So it was possible that these SHIB tokens had left the Voyager exchange wallet or would soon. Nevertheless, information from Ether scan showed that the company still held about 6.8 trillion SHIB. This might as well confirm that Voyager had long believed in the token.

Despite the likely sell-off, SHIB did not succumb to demand from selling pressure. However, it is noteworthy to point out that the token was initially dumped after the FOMC raised interest rates with 0.25.

However, as with the other cryptocurrencies, the downside impact of the announcement only lasted for a short time. According to CoinGecko, SHIB changed hands at $0.000012 – up 4% in the past 24 hours. So, could SHIB still be a profitable long-term asset?

Based on the daily chart, the meme had the potential to price higher than it currently is. This was due to indications from the Exponential Moving Average (EMA). At the time of writing, the 200-day EMA (yellow) is above the 50-day EMA (blue). Simplifying this could lead to a costly bullish stance in the future.

Source: TradingView

According to the chart above, the Awesome Oscillator (AO) placed SHIB on bullish momentum, but with red bars galore, the greens can last long. Although a bullish twin peak had already formed. This could help the SHIB rate stay in purchasing control.

Could be forever for these lots

Nevertheless, SHIB has locked whales’ attention. According to Whale Stats, the token trend for years could mean it may never reach the top spot of tokens from Ethereum [ETH] whales.

The belief that these have deep pockets in Shiba Inu is why they have about $597 million in them.

Realistic or not, here it is SHIB’s market cap in terms of ETH

In addition, Shiba Inu’s market capitalization was recovered and crossed the $6 billion mark. Active addresses on the chain had also risen to 6087 in the past 24 hours.

This implied that more users transacted with SHIB than the day before. Still, the long-term relevance of SHIB depends on how the crypto market trends, the development of the project and investor sentiment.

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