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Why whales are buying billions of Shiba Inu tokens

  • Decentralized online booking platform XcelTrip has bagged a partnership with Shiba Inu, SHIB can now be used for flight and hotel bookings. 
  • Ethereum whale “BlueWhale0073” recently scooped up 142.6 billion Shiba Inu tokens while other large wallet investors shed their SHIB holdings. 
  • Analysts believe Shiba Inu could break out of its downtrend soon. 
Why whales are buying billions of Shiba Inu tokens
Ekta MouryaEkta MouryaFXStreet

Dogecoin-killer Shiba Inu recently witnessed a price drop in the crypto bloodbath. However, the rising number of partnerships and utilities could fuel a recovery in the meme coin Shiba Inu. 

Ethereum whale scoops up Shiba Inu 

While large wallet investors on the Ethereum blockchain have shed their Shiba Inu holdings, “BlueWhale0073” has scooped up 142.6 billion SHIB tokens recently. The whale added these Shiba Inu tokens to his portfolio for $1,539,417. 

Accumulation by large wallet investors is considered bullish for meme coins like Shiba Inu. Polygon (MATIC) has replaced Shiba Inu as the most traded token among top 100 Ethereum whale wallets. 

Shiba Inu expands into flight and hotel bookings

Shiba Inu recently expanded its utility with a new partnership. XcelTrip is a decentralized booking system with 450 airlines, 2 million hotels and car rental agencies globally. The application is keen on making blockchain and cryptocurrency mainstream, and recently announced the acceptance of cryptocurrencies like Shiba Inu as payment. 

The decentralized traveling agency accepts Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), LiteCoin (LTC), Binance Coin (BNB), and the company’s native token – Xcellab Ecosystem – XcelDefi (XLD) in addition to Shiba Inu. 

Analysts predict Shiba Inu price recovery 

Analysts have evaluated the Shiba Inu price trend and identified moderate volatility. Analysts concluded that Shiba Inu price is protected from price manipulation and trading near resistance. The meme coin has found support around $0.00001013 and resistance at $0.00001079. 

Shiba Inu could recover from the selling pressure and breakout of its downtrend. 

Author

Ekta Mourya

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.

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