Shiba Inu (SHIB) price is trading sideways around $0.00001100 after being rejected at $0.00001225. It has been in a bearish trend since it faced a heavy selling area at $0.00001801 in early August. Interestingly, the declines of SHIB encourage whales to buy more.
Ethereum whales buy SHIB in droves
SHIB price continues to attract the attention of investors as the cryptocurrency market plans the next move. Meanwhile, signals from WhaleStats reveal that SHIB is “one of the top 10 tokens purchased among the 500 largest ETH whales in the last 24 hours.”
Trinity, the largest whale, currently holds SHIB of 166,331 ETH worth $275 million. In the past two days, whales have purchased 1.66 trillion SHIB worth approximately $18.6 million.
Shiba Inu price unresponsive
The bullish activity of the biggest Ethereum whales has not yet been reflected in the Shiba Inu price. The token is facing general pressure from the upper trendline of the falling channel and the 100-day SMA. FXStreet analyst John Isige says that Shiba will not abruptly stop the pullback from $0.00001225. According to the analyst, those looking for new entry positions may consider taking support at $0.00001500, according to the analyst.
The sideways move of the Moving Average Convergence Divergence (MACD) indicator at -0.00000041 further invalidates the expectations of a sudden bullish reversal. Also, without strength, a move to the upside may fail to break the resistance highlighted by IntoTheBlock’s IOMAP on-chain metric at $0.00001100.
For Shiba Inu price to maintain an uptrend, buyers need to break out of the falling channel. According to the analyst, the increased possible take profit positions will be at the following levels:
- $0.00001300 – 200-day SMA (purple)
- $0.00001514
- 0.00001801 dollars
A sudden increase in SHIB burning rate
However, there is a huge increase in the rate of Shiba Inu token burning. Shibburn reports that the burn rate has increased by 800% in the last 24 hours. ShibArmy sent over 128 million SHIBs to a dead wallet the other day. It should be noted that this surge comes in the midst of the collapsing meme token market.
Earlier, cryptocoin.com We shared that Shiba Inu plans to reduce the overall circulation of its supply. However, meme crypto recently launched its Blockchain-based card game in Australia. On September 17, the Shiba Inu team launched the Blockchain-based card game in Australia. Meanwhile, ShibArmy is still waiting for more updates on the gameplay and the burning mechanism.
How’s the Shibarium?
SHIB developers are also working on Shibarium, a layer-2 blockchain network. The Shibarum tool will help users and developers build applications for the Blockchain ecosystem. It will be similar to the Ethereum network, which allows developers to develop decentralized applications. The vehicle will act as a premium tier-2 for the Shiba Inu and community. The Shibarium project is said to enable fast and low-cost transactions for the game.
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