Ethereum Whales Purchase US$3M Worth of Shiba Inu
The Shiba Inu price has been fighting quite aggressively for the past few months. Like the rest of the cryptocurrencies, Shiba Inu is falling sharply due to various macroeconomic factors. Due to increased regulatory disruption and aggressive moves by the US Federal Reserve to reduce the impact of inflation. Shiba Inu is a meme coin and is highly variable. These coins typically make significant gains during bull runs they also make bad losses during bear markets. Experts predict that the Shiba Inu price will soon reach a strong support zone. This is because more and more ETH whales are joining the SHIB cult. Many Ethereum owners have been actively buying, owning, and trading the popular meme coin. Shiba Inu has become one of the largest non-Ethereum holdings among crypto whales.
The “dogecoin killer” is the hugest token by dollar worth. It has established itself as one of the top 100 whale wallets on the Ethereum network. Gimli, the popular crypto whale, reportedly amassed 386 billion tokens and added them to investment portfolios earlier this week. Gimli continues to add new Shiba Inu tokens all the time, Even during a cryptocurrency bear market. This indicates that although the meme coin is one of the most volatile and may not pay off long-term investment assets, The potential of the coin has attracted popular and some of the biggest Ethereum whales in the market.
For years, crypto analysts have claimed that Meme Coin is quite weak compared to competing cryptocurrencies because the coin had no real-world use cases. However, SHIB’s developers have worked tirelessly to mitigate these allegations. The introduction of the SHIB Burn Visa card, its metaverse domain, and the recent crypto trading platform has allowed the cryptocurrency to establish itself among the top cryptocurrencies in the market. However, these initiatives are not the only reason crypto whales attract crypto.
Shiba Inu and Crypto Market
Ethereum whales reportedly have about $45 trillion worth of Shiba Inu tokens on balance. This is about 20% of their total portfolio. However, it is also quite remarkable that the share of SHIB is almost equal to the share of USDC and USDT in their portfolios. Additionally, it is important to note that ETH whales have been hoarding more and more tokens since the recent crypto crash. Consequently, as the SHIB army continues to burn tokens, it’s only a matter of time before Shiba Inu suffers a massive loss.
Since the beginning of 2022, the crypto community has been wondering when the price of Shiba Inu will reach 1 USD. Various price prediction reports indicate that the crypto will reach $1 by the end of 2022. However, this prediction is quite far off as the market fluctuates. Experts believe that Shiba Inu may cut the current supply by more than 100% to trigger price increases. Therefore, SHIB’s burn mechanism may work to give the token its long-awaited price.
Conclusion
Meanwhile, several other predictions indicate that the coin may also lose more than 95% of its value by the end of this year. One of the main challenges facing Shiba Inu is that crypto still lacks competitive advantage and differentiation. Shiba Inu is an ERC-20 token established on the Ethereum blockchain. However, crypto does not offer any other significant uses that would attract other investors. Shiba Inu is just a payment coin without any real-world benefits. So developers have to bring in other utilities to ensure that crypto prices continue to rise, the actions of crypto whales will do little to create a strong future for SHIB.
