The Shiba Inu price has been a roller coaster for traders.
Shiba Inu has been high on the Ethereum whales’ buying list despite SHIB price action looking largely barren. With the support of the ETH whales and other macroeconomic factors driving the price action, does the SHIB price have any chance of moving higher before the end of the year?
Shiba Inu (SHIB), the dog-themed meme cryptocurrency, has had its fair share of popularity in the market. However, along with the larger market, the SHIB price struggled last week after FTX crashed.
After hitting a multi-week high of $0.00001519 on Oct. 29, SHIB began its consolidation and downtrend. Nonetheless, with the global crypto market looking gloomy on the price front, SHIB managed to briefly overtake Solana, to become the 13th largest cryptocurrency.
So far, Shiba Inu had maintained his 14th position in the market, after crossing the market cap of Tron. SHIB traded at $0.000009105 on November 15, noting losses of 16.59% on the weekly.
Shiba Inu: The ETH Whales Favorite
As recently reported, the aggressive burning of SHIB and hoarding of Shiba Inu tokens has worked in favor of the meme cryptocurrency’s price. A recent update from WhaleStats showed that the top 5,000 ETH whales were worth $75.28 million in SHIB.
In fact, SHIB topped the ETH whale list in terms of altcoin holdings.
Shiba Inu was also one of the most used smart contracts among the top 1,000 ETH whales in the last 24 hours.
Clearly, SHIB was not just an asset that the ETH whales also had, but also used. This was a positive sign for the Shiba Inu, and could act in favor of the token’s price trajectory.
While ETH whales were bullish on SHIB, the Shiba Inu community also had high expectations for the SHIB price. The SHIB community on CoinMarketCap estimates that the token will value at an average price of $0.00001123 by the end of the year.
From the current price level of $0.0000091, the SHIB would need to appreciate by a little more than 20% to hit that target.
SHIB Supply Is Dwindling, but Is there Demand?
On November 15, the Shiba Inu consumption rate skyrocketed by 1,100%. The recent burn reduced the total amount of SHIB burned from the total supply to 410 billion SHIB tokens, with 27 billion of those tokens staked.
The main group that led the price action was retail traders. A look at IntoTheBlock’s In/Out of Money Around Price indicator suggested that the $0.0000080 level is currently a solid support level. At this price, 24,800 addresses hold 18.12 billion SHIB tokens
By Audy Castaneda
