Can ETH Whales Aid Shiba Inu (SHIB) Price Reversal?

Can ETH Whales Aid Shiba Inu (SHIB) Price Reversal?

The price of the Shiba Inu is down more than 90% from its all-time high of October 2021. Shiba Inu consumption rate has increased by more than 27% in the last 24 hours. 

SHIB was among the top 10 best-selling tokens in the top 1000 ETH whales’ last day.PROMO Shiba Inu’s price has moved in line with the global crypto market, unlike its competitor Dogecoin, which has posted some decent gains. The Shiba Inu price was down more than 90% since its all-time high in October 2021. SHIB traded at $0.00000923, up just 0.44% over the past day.

As the global crypto market is still consolidating, SHIB was no exception, as Shiba Inu’s price replicated all major coins and the largest market. Cryptocurrencies in Consolidation As bearish tunes outperformed the market, SHIB’s price did not register any major gains or losses, and it is still trading below its $0.00000926 resistance.

Although Shiba Inu’s price was still struggling to clear the overhead resistance, certain positive moves by ETH whales revived SHIB holders’ optimistic expectations.

ETH whales are still stacking Shiba Inu  

Recently, aggressive SHIB burning and Shiba Inu token hoarding by Ethereum whales has worked in favor of the meme token price. At press time, Shiba Inu’s burn rate has increased by more than 27% in the last 24 hours.

Screenshot 2022 12 02 at 11.02.29 PM Forks Daily

According to Shibburn, approximately 7,432,585 SHIB tokens were burned in the past day. Burning SHIB aims to reduce the supply of Shiba Inu, which often triggers price increases if demand for the token persists. A recent Whale Stats update showed that the top 2000 ETH whales are worth $76.473 million in SHIB.

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