Three reasons why Shiba Inu has potential to beat the slump

  • Ethereum whales hold on to their Shiba Inu holdings worth over $163 million, fueling bullish sentiment among SHIB holders. 
  • Despite massive profit-taking when SHIB hit $0.00001732, large wallet investors have a bullish outlook on the meme coin. 
  • Shiba Inu is now accepted as payment at top US retailer Best Buy, boosting SHIB adoption. 

Shiba Inu is currently in a downtrend and analysts believe the meme cin is prepared to recover from its slump. Three bullish developments in Shiba Inu could fuel the meme coin’s price rally. 

Whales hold on to SHIB holdings despite the slump

Last week, Shiba Inu witnessed a peak in profit-taking when the meme coin’s price hit $0.00001732. Based on data from crypto intelligence tracker Santiment, the spike in price coincided with profit-taking by large wallet investors. Whales shed their Shiba Inu holdings to book profits; however since August 15, large wallet investors have held their SHIB. 

According to WhaleStats, Ethereum whales currently hold $163 million worth of Shiba Inu in their portfolio. Typically, whales sitting on SHIB holdings are considered a bullish sign for the meme coins. Spike in whale activity coincides with local tops in Shiba Inu, therefore proponents consider it likely that large wallet investors are waiting for the next move in SHIB price. 

Shiba Inu accepted as payment at Best Buy

Best Buy, one of the largest electronic retailers, now accepts Shiba Inu as payment through BitPay. The payment processor facilitates the acceptance of SHIB as payment at Best Buy. This development has fueled the adoption of SHIB among holders. 

Another key driver of SHIB’s recovery is the meme coin’s social dominance. Lunar Crush, a crypto intelligence platform, argues that Shiba Inu’s social mentions hit their highest point in 90 days. Shiba Inu’s social mentions hit 89,660, a feat for the meme coin, despite its current downtrend. 

Shiba Inu could recover from its slump if demand for the meme coin increases. With broader acceptance across major retailers and increasing social dominance, SHIB could soon recoup its losses. Shiba Inu price has sustained above the key level of $0.00001310, marked by Peter Brandt. The analyst argued that a decline below this level could result in a massive drop in Shiba Inu. 

SHIB-USDT 1-day chart

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