- Shiba Inu price is on the rise after the FOMC announcement of a 75 bps interest rate hike with a dovish tilt.
- An Ethereum whale scooped up 250 billion Shiba Inu tokens during the recent dip in the meme coin’s price.
- Analysts have identified how to profit off of Shiba Inu’s recent price move.
Despite the bear market, Ethereum whales scooped up massive amounts of Shiba Inu and added it to their portfolio. Post the FOMC announcement, Shiba Inu price started its recovery.
Also read: Dogecoin and Shiba Inu bleed in Pre-FOMC crypto snoozefest
Whales increase Shiba Inu holdings in bear market
While Shiba Inu price lost nearly 90% of its value over the past year, that did not stop whales from scooping up the meme coin. Large wallet investors on the Shiba Inu network bought the dip in Shiba Inu price, increasing their SHIB holdings. Shiba Inu has emerged as one of the largest non-Ethereum holdings in whale wallets, based on data from WhaleStats.
Shiba Inu is the biggest token by dollar value in the portfolio of top 100 whales on the Ethereum network. The popular whale “Gimli” scooped up 386 billion Shiba Inu and added it to their portfolio earlier this week.
Shiba Inu scooped up by Gimli
Gimli has consistently added new Shiba Inu tokens during the meme coin’s downtrend. Gimli is among the top two whales that added Shiba Inu through the dip in SHIB price. BlueWhale0159 added 147 billion tokens through the bear market.
Shiba Inu burn rate is indicative of a price rally
Shiba Inu proposed the release of a crypto card, fueling a bullish sentiment among holders. In response to the card’s announcement,Shiba Inu’s burn rate climbed. In the past 24 hours, a total of 174,765,213 SHIB tokens have been burned in 15 transactions.
In the past 24 hours, there have been a total of 174,765,213 $SHIB tokens burned and 15 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) July 26, 2022
Analysts reveal how to profitably trade Shiba Inu
Post the FOMC announcement, Shiba Inu price wiped out its losses and started its recovery. The meme coin has posted 7% gains over the past two weeks. Analysts at FXStreet identified how to trade Shiba Inu profitably in the current setup and shared details in the video below:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.