- 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.
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 risks extending losses despite Ripple-SEC motion to release escrowed $125 million
XRP comes under immense pressure, falling toward $2.09 as Israel and Iran escalate conflict. Ripple and the SEC file a joint motion requesting the release of $125 million held in escrow.

Crypto Today: Bitcoin, Ethereum, XRP clamber for support amid escalating volatility on Israel-Iran tensions
The cryptocurrency market has been hit by a sudden wave of extreme volatility, triggering widespread declines as global markets react to tensions between Israel and Iran.

Sui Price Forecast: Sui eyes triangle fallout below $3 as Open Interest, TVL plunge
Sui (SUI) edges lower by over 5% at press time on Friday, concurrent with the broader crypto market crash due to the escalation of the conflict between Israel and Iran.

Bitcoin eyes a drop toward $100,000 amid cautious sentiment as Middle East tensions escalate
Bitcoin price edges below $105,000 on Friday after falling 4% over the last two days. Market sentiment sours as conflict in the Middle East escalates, with over $1.15 billion in liquidation across crypto markets.

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.