- 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
Bitcoin likely to remain in red through the next quarter if history is any indication

Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH

Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter

Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users

Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000

Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.