Will Shiba Inu lose 22% gains as PayPal dispels rumors of supporting SHIB payments?
- Shiba Inu yielded 3% losses since February 12, SHIB holders fear a wipeout of 22% month-on-month gains in the meme coin’s price.
- PayPal addressed SHIB Army’s speculation and announced that the payment giant does not accept the meme coin yet, while it supports four leading cryptos.
- Ethereum network’s largest hundred whales hold $650 million worth of SHIB, the meme coin is their largest non-stablecoin holding.
Shiba Inu, the second-largest meme coin in the crypto ecosystem and a leading competitor of Dogecoin could loss its month-on-month gains in response to recent bearish developments. Payments giant PayPal dispelled rumors of Shiba Inu support and announced on crypto Twitter that it currently supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Also read: Will Ethereum bulls regain control of ETH with massive exchange outflow?
Shiba Inu Army disappointed by PayPal’s response to SHIB payments
The Shiba Inu community also referred to as SHIB Army pocketed defeat when payment firm PayPal announced that it does not support SHIB as a payment option. The American multinational financial technology company operating the online payments system PayPal supports four cryptocurrencies- Bitcoin, Litecoin, Ethereum and Bitcoin Cash.
PayPal team dropped no hints on accepting SHIB in the future. The customer support team of the payment firm asked users to contact them directly for any additional assistance on the issue.
I apologize for the confusion caused. Unfortunately, we don't accept SHIBA. Customers in the US can buy, sell and hold four different Crypto on PayPal: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. For any additional assistance, please send us a DM with your email address. ^KSV
— PayPal Support (@AskPayPal) February 12, 2023
The SHIB Army was counting on PayPal’s acceptance of SHIB, to boost the utility of the Dogecoin-killer token. PayPal’s response has put an end to the speculation and dashed the hopes of SHIB token holders.
Shiba Inu holders are counting on a recovery in SHIB price as large wallet holders in the Ethereum ecosystem continue holding the meme coin in their portfolio.
Shiba Inu is the largest non-stablecoin holding in Ethereum whales’ portfolio
Shiba Inu is the largest non-stablecoin holding in the portfolio of the hundred largest whales in the Ethereum ecosystem. After USD Tether and USD Coin, SHIB is the third-largest holding of Ethereum whales, worth upwards of $650 million based on data from WhaleStats.
The top 100 #ETH whales are hodling
— WhaleStats (tracking crypto whales) (@WhaleStats) February 12, 2023
$666,300,027 $SHIB
$146,436,746 $BEST
$139,060,980 $CHSB
$128,710,645 $MATIC
$96,545,419 $BIT
$81,023,390 $LOCUS
$61,037,825 $LINK
$60,189,488 $CHZ
Whale leaderboard https://t.co/N5qqsCAH8j pic.twitter.com/4OIQYX3sdd
15% of the portfolio of the hundred largest whales on the Ethereum blockchain is Shiba Inu tokens. This fuels a bullish narrative for SHIB as the meme coin struggles to recoup its losses and make a comeback to the $0.00001342.
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.
