- 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
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
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?