The Shiba Inu price has moved in line with the global crypto market, unlike its competitor Dogecoin, which has made some decent gains.
The Shiba Inu price was down over 90% from its all-time high, made in October 2021. SHIB traded at $0.00000923, noting a mere 0.44% rise over the last day. With the global crypto market still in consolidation, SHIB was no exception, as the Shiba Inu price replicated the top coins and the larger market.
The global crypto market cap oscillated at the $853.21 billion mark at press time, with most of the cryptocurrencies in consolidation.
As bearish tunes overtook the market, the SHIB price saw no major losses or gains, still trading below its $0.00000926 resistance. Even though the Shiba Inu price still struggled to cross the aforementioned resistance, certain positive moves by ETH whales reinstigated SHIB holders’ bullish anticipations.
ETH whales still stacking Shiba Inu
Of late, aggressive SHIB burning and accumulation of Shiba Inu tokens by Ethereum whales has acted in favor of the meme token’s price. At press time, the Shiba Inu burn rate spiked by over 27% in the last 24 hours.
Close to 7,432,585 SHIB tokens have been burned in the last day, as per data from Shibburn. The SHIB burning is aimed at reducing the supply of Shiba Inu, which often triggers price rallies if demand for the token persists.
That said, a recent update from Whale Stats showed that the top 2000 ETH whales are hodling $76.473 million worth of SHIB.
The same means that Shiba Inu was the top 2000 ETH whales’ biggest holding at press time.
In addition to that, SHIB was also in the top 10 purchased tokens among the 1000 biggest ETH whales over the last day.
As highlighted in previous articles, SHIB was clearly ETH whales’ favorite token to hold. While this was a positive sign for Shiba Inu and could act in favor of its price, the larger market momentum hindered any short-term gains.
High BTC ETH correlation
Bitcoin (BTC) and Ether (ETH) were moving in a rangebound trajectory with no short-term catalysts for a price rise. Notably, SHIB had a high BTC and ETH correlation at the moment. The Shiba Inu correlation to BTC and ETH stood at 0.96 and 0.97, respectively.
A look at the Shiba Inu daily active addresses suggested that 7-day active addresses saw a 60.81% pullback. Zero balance addresses fell by over 70%, while new addresses noted a mere 1.42% rise.
The SHIB network vibrancy was relatively low, with fewer new and active addresses.
IntoTheBlock’s In/Out of Money Indicator suggested that the $0.000009 mark, where 36,480 addresses hold 15.36 trillion SHIB, can act as strong support for now.
While fewer supply barriers are ahead for the SHIB price, the larger market momentum could keep slowing SHIB price action. Especially now, with the SHIB correlation to both BTC and ETH high, the same could weigh down upon the Shiba Inu price.
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Source: https://beincrypto.com/can-eth-whales-aid-shiba-inu-shib-price-reversal/