Ethereum whales hold over $163 million in Shiba Inu (SHIB) assets. According to crypto analyst Ekta Mourya, this is fueling bullish sentiment among SHIB holders. SHIB made huge profits when it reached $0.00001732. Despite this, whales have a bullish outlook on the meme coin, according to analysts. Meanwhile, the Shiba Inu is now on the pay list of Best Buy, the largest US retailer.
Whales hold SHIB holdings despite decline
The Shiba Inu is currently in a downtrend. However, the analyst says that the meme coin is ready to recover from the crash. According to the analyst, three bullish developments in Shiba Inu are likely to fuel the meme coin’s price rally. The Shiba Inu witnessed a peak in profits last week when its price reached $0.00001732. According to data from crypto intelligence tracker Santiment, the rise in price coincided with big wallet investors taking profits. The whales sold their Shiba Inu assets to make a profit. But since August 15, major wallet investors have held their SHIB.
According to WhaleStats, Ethereum whales currently hold $163 million worth of SHIB in their portfolios. Typically, whales sitting on SHIB holdings are considered bullish signs for meme coins. Meanwhile, the increase in whale activity coincides with local peaks in the Shiba Inu. Therefore, proponents think that big wallet investors are waiting for the next move in SHIB price.
Shiba Inu accepted as payment at Best Buy
Best Buy, one of the largest electronics retailers, now accepts SHIB as payment via BitPay. The payment processor makes it easy for SHIB to be accepted as payment at Best Buy. According to the analyst, this development will accelerate adoption among SHIB’s holders.
Another key driver of SHIB’s recovery is meme coin’s social dominance. Lunar Crush, a crypto intelligence platform, says that SHIB’s social mentions have reached their highest point in 90 days. The Shiba Inu’s social bets hit 89,660. This is a success for the meme coin despite the current downtrend.
SHIB above Peter Brandt’s key level
According to the analyst, it is possible for the Shiba Inu to survive its crash if demand for the meme coin increases. In this context, it is likely that the SHIB will soon recoup its losses, with wider acceptance and increased social dominance among large individuals. As you follow on Kriptokoin.com, analyst Peter Brandt said that $0.00001310 is the key level for the Shiba Inu. The popular meme coin is trading above this level at press time. The analyst noted that a drop below this level could lead to a big drop in the Shiba Inu.
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