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Shiba Inu Coin Gains Support Despite Market Downturn as Whale Scoop Up SHIB

Shiba Inu Coin Gains Support Despite Market Downturn as Whale Scoop Up SHIB

Shiba Inu (SHIB), the meme-inspired cryptocurrency that was created as a joke in 2020, has been making waves in the crypto world lately. Over the past week, the crypto market has been experiencing a downturn, with Bitcoin and Ethereum prices dropping by over 3% and 2%, respectively. However, this did not discourage crypto whales, who saw it as an opportunity to add billions of SHIB tokens to their portfolios.

According to Whalestats, an Ethereum whale address, "BlueWhales0073," accumulated 131.4 billion SHIB tokens, worth approximately $1.48 million, in a single scoop. This massive purchase came at a time when SHIB had registered a 10% drop in price over the past week. Nevertheless, the SHIB community remains optimistic, with SHIB being the largest token by dollar value among the largest 100 ETH whales, who hold over $600 million worth of SHIB tokens, making up about 12% of their total holdings.

Source: Twitter (Whalestat)

Developers Gearing Up for Shibarium

But it's not just whales who are showing support for SHIB. Developers are also focusing on the launch of Shibarium Beta, and the community is excited about it. Shibarium is a blockchain platform that will allow for the creation of new tokens on the SHIB network. This will enable developers to build decentralized applications (DApps) and smart contracts on the SHIB network, expanding its use cases.

The lead developer of SHIB, Shytoshi Kusama, recently teased the community with a cryptic tweet, saying, "Confirming with the Ghosts a second time." This tweet has sparked speculation that there may be some exciting developments in the pipeline for SHIB and Shibarium.

Furthermore, Layer 2 solution BunnyVerse Token Official recently announced that it “supports Shibarium and Shytoshi Kusama's vision for a decentralized future.” This is great news for SHIB, as BunnyVerse is a popular DeFi platform that is gaining traction in the crypto community.

Source: Twitter (BunnyVerse)

Does Voyager Pose a Threat to the Price of SHIB?

Despite the positive sentiment, there are some concerns about the impact of bankrupt crypto broker Voyager selling a significant chunk of its SHIB holdings. The broker still holds 5.17 trillion SHIB, valued at $57.78 million, raising questions about the impact on SHIB’s price if the broker were to dump its holdings. That said, some believe that Voyager may be waiting for a more favorable market to sell its remaining SHIB holdings.

Source: Twitter (Lookonchain)

Operation SHIB Burn Waxing Stronger

In the meantime, the SHIB community continues to burn SHIB tokens, which reduces the total supply of SHIB in circulation. Over 176 million SHIB tokens have been burned over the past seven days, with 11,202,649 SHIB burned in the last 24 hours. This burning process is essential for maintaining the scarcity of SHIB tokens and increasing their value.

Source: Shiba Burn Tracker

In conclusion, despite the market downturn, the SHIB community remains optimistic about the future of the meme-inspired cryptocurrency. With support from whales, developers, and the burning of SHIB tokens, the community is hopeful that SHIB will continue to thrive and reach new heights. Shibarium is also an exciting development, and the launch of its beta version could be a significant milestone for SHIB and its supporters.

SHIB Takes a Beating Pricewise

On the technical analysis landscape, things are looking hairy for SHIB as the meme token barrels downwards to the $0.0000110 support mark. This makes it the first time the cryptocurrency is falling below the $0.0000130-$0.01144 pivot area (purple) as the broader market sheds most of the gains accrued.

SHIB/USD Daily Chart on TradingView

However, Shiba Inu traders should likely hold the $0.0000110 line and push for a rebound back into the pivot area. The recent whale accumulation could play out in favor of the price of the cryptocurrency over the medium term.

SHIB Statistics Data

SHIB Current Price: $0.0000115

SHIB Market Cap: $6.1B

SHIB Circulating Supply: 549T

SHIB Total Supply: 589T

SHIB Market Ranking: #15

Feeling confident? Trade your idea on SHIB now


This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.

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