Shiba Inu (SHIB), the meme-inspired cryptocurrency initially created as a joke in 2020, continues to make waves in the crypto space. Despite a broader market slump—with Bitcoin and Ethereum prices dropping over 3% and 2% respectively—crypto whales are seizing the opportunity to accumulate billions of SHIB tokens, signaling strong confidence in its long-term potential.
Whale Activity Fuels SHIB Accumulation
According to WhaleStats, the Ethereum whale address "BlueWhales0073" purchased 131.4 billion SHIB tokens (worth ~$1.48 million) in a single transaction. This accumulation occurred during a 10% price decline for SHIB over the past week. Notably, SHIB remains the **top-held token by dollar value** among the largest 100 ETH whales, with holdings exceeding **$600 million**—roughly 12% of their total portfolios.
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Shibarium Development Sparks Optimism
Beyond whale activity, developers are rallying behind Shibarium, SHIB’s upcoming Layer-2 blockchain solution. Key highlights:
- Shibarium will enable token creation and smart contracts on the SHIB network, expanding its use cases for decentralized applications (DApps).
- Lead developer Shytoshi Kusama teased the community with a cryptic tweet: "Second confirmation with ghosts." hinting at imminent updates.
- BunnyVerse Token, a DeFi platform, publicly endorsed Shibarium, boosting credibility for SHIB’s ecosystem.
Voyager’s SHIB Holdings: A Potential Risk?
Concerns linger over bankrupt broker Voyager, which holds 5.17 trillion SHIB (~$57.78 million). A large-scale sell-off could pressure SHIB’s price, though analysts speculate Voyager may wait for a more favorable market.
SHIB Burns and Supply Dynamics
The SHIB community remains active in token burns:
- 176 million SHIB burned in the past week.
- 11.2 million SHIB burned in the last 24 hours.
These efforts aim to reduce circulating supply and enhance scarcity.
Technical Analysis: Critical Support Levels
SHIB’s price has dipped toward $0.0000110**, breaking below its pivotal **$0.0000130–$0.00001144 zone. However:
- Traders may defend $0.0000110 to catalyze a rebound.
- Whale accumulation could support mid-term price recovery.
SHIB Key Statistics
- Current Price: $0.0000115
- Market Cap: $6.1 billion
- Circulating Supply: 549 trillion
- Rank: #15
FAQs
Q: Why are whales buying SHIB during a market downturn?
A: Whales often accumulate assets at lower prices, betting on long-term growth amid short-term volatility.
Q: What is Shibarium’s potential impact?
A: It could expand SHIB’s utility, attracting developers and increasing demand for the token.
Q: How do token burns benefit SHIB?
A: Burns reduce supply, potentially increasing scarcity and value over time.
Q: Should Voyager’s holdings worry SHIB investors?
A: While a sell-off could cause temporary dips, SHIB’s strong community and ecosystem may absorb the impact.
Final Thoughts
Despite market headwinds, SHIB’s combination of whale support, Shibarium’s development, and active token burns paints a cautiously optimistic picture. The community’s resilience and strategic initiatives position SHIB for potential recovery and future growth.