Ethereum whales double down on Shiba Inu holdings in bear market
- 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:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
