The Shiba Inu (SHIB) has been trading under huge selling pressure lately. However, some of the leading Ethereum (ETH) whales continue to hold and accumulate SHIB even in decline.
Ethereum whales hold $400 million worth of SHIB
According to WhaleStats, SHIB has emerged as the largest token held among the top 100 Ethereum whales. The data shows that the largest wallets currently hold around $398.8 million worth of SHIB. However, there was a slight decrease in token-related whale accumulation.
Meanwhile, the main reason for the Shiba’s rise to first place was the extensive FTT liquidation among whales. According to reports, as of June 17, the top 100 ETH whales were holding more than $762 million in FTT.
However, this amount decreased to 44.9 million dollars. The largest wallets carried around $682 worth of FTX tokens. FTT stands at the top of the top selling altcoins in the last 24 hours. At the time of writing, it is trading at $27.44, up 6%. Meanwhile, Shiba (SHIB) jumped more than 30%…
Shiba Inu jumps 33% as market rebounds slightly
With 33% growth in the last 24 hours, SHIB is facing the first resistance line on the daily chart, which will be a short-term consolidation or even a reversal point. The mentioned resistance is the 21-day exponential moving average, which is responsible for reflecting short-term trends in the cryptocurrency market.
However, SHIB broke every possible medium-term support line after dipping below the $0.00001 support. It currently only relies on shorter-term indicators such as intraday moving averages. Meanwhile, the four-hour time frame shows the Shiba Inu breaking the first resistance line on the chart. It also completed another rise to the 200 EMA, which is moving around $0.00001 on the four-hour time frame.
As Ethereum whales collect Shiba, token burn activities continue unabated
Shibarmy has managed to maintain momentum during his downfall in his final days. According to Shibburn, the burn rate has increased 126% in the last 24 hours. In the past 24 hours, the community has sent over 216.05 million SHIBs to a dead wallet. However, the official Shiba Inu burn portal reports that 55.6 billion Shiba have been burned since its inception.
In addition to the aforementioned reason, Shiba is getting support from ever-burning events such as the latest Amazon-backed burning of nearly 70 million meme tokens. Despite the relatively low dollar value of the tokens burned, SHIB burns still attract a lot of attention from retail investors. You can reach the news of Shiba Inu (SHIB) that we have transferred as Kriptokoin.com.
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