• Shiba Inu (SHIB) had potential to remain significant in the long term, despite negative performance for most of last year.
• Voyager transferred $3.2 million worth of SHIB tokens to several exchanges on February 2nd, 2021.
• SHIB was able to resist selling pressure and had potential for future price increase based on daily chart indications.
Shiba Inu’s Last Year Performance
Shiba Inu (SHIB) had the potential to remain significant in the long term based on the technical outlook, despite trailing in the negative direction for a large part of last year. Institutional investors including Binance owned this meme token as part of their portfolio.
Voyager Transfers Tokens
On 2 February 2021, crypto broker Voyager transferred $3.2 million worth of SHIB tokens to several exchanges such as Coinbase, Kraken and Binance US according to Lookonchain’s disclosure. Despite this action indicating a possible sell off, Etherscan showed that Voyager still held about 6.8 trillion SHIB which could point towards it being a long-term believer in the token.
Resisting Selling Pressure
Despite likely sell offs, SHIB did not succumb to selling pressure and at press time was trading at $0.000012 — a 4% increase in 24 hours according to CoinGecko data. The Exponential Moving Average (EMA), Awesome Oscillator (AO), and Bullish Twin Peak formation all indicated that there may be further upside potential for SHIB’s price in the future if buyers can keep up with demand.
Whales have taken an interest in SHIB over recent years which could mean that it might maintain its current trend for some time yet into the future. According to Whale Stats, this activity has been consistent over recent times which implies that it might stay profitable for those who hold onto it for longer periods of time as well as short-term traders who capitalise on quick price movements or market shifts due to news events or other catalysts such as institutional buying or selling activity demand spikes or dips etc..
In conclusion Shiba Inu has had potential since last year’s performance despite some red periods along with institutional investors backing it up by holding positions within their portfolios and Whale activity increasing over time indicates that this meme-based cryptocurrency is here to stay and could potentially be profitable both short and long term depending on market conditions going forward