Altcoin

SHIB accepted as payment method, whales buying but prices still bearish, why?

  • Shiba Inu whales are actively purchasing the SHIB token, as a single whale bought 13 trillion tokens
  • SHIB was listed on BitStamp and Kraken and major firms are now accepting the meme coin
  • The prices remain sluggish as SHIB is currently more than 60% low from its all-time high

Institutions continue to adopt Shiba Inu for payment channels while the world’s 13th biggest cryptocurrency remains bearish. On the other hand, the whales keep accumulating SHIB, taking advantage of the dips. In this article, we will try to analyze the bullish potential of the SHIB token and if the “Dogecoin killer” is even popular anymore.

Shiba Inu Adoption

SHIB adoption has been on the rise as the listing of the meme coin on Binance and Coinbase turned the price action of the token highly bullish earlier this year. The token rose by nearly 830% in a single month of October. Recently, we saw that Shiba Inu was listed on Kraken, a popular cryptocurrency exchange, on November 29.

Following the listing on Kraken, the price action of the token didn’t improve by any significant numbers. This was a disappointment for people as listings on crypto exchanges are often followed by bullish movements. Nevertheless, Newegg, an electronic items online retailer, also announced that it will accept SHIB tokens as a mode of payment.

Similarly, Vegas Auto Gallery also announced that it will be accepting cryptocurrencies including Shiba Inu as a method of payment for buying expensive, luxury supercars.

​This is not it. The month of November as well as December has been quite optimistic for the meme token. American cinema giant, AMC Theatres also announced that it will be accepting Shiba Inu a method of payment and already accepts SHIB rival Dogecoin, Bitcoin, Ethereum, and Litecoin.

The CEO of the firm, Adam Aron conducted a poll for accepting SHIB as payment and announced that it will accept the token as payment in the next 2-4 months with the help of BitPay.

This isn’t it for the token as it was also listed on a major cryptocurrency exchange, BitStamp which experienced certain technical difficulties during the process of listing.

“We experienced some technical problems with $SHIB listing, which will result in a longer delay with the launch,” the firm tweeted.

BitStamp is the largest cryptocurrency exchange in entire Europe and has around  4.4 million users worldwide and made SHIB available for optional trading.

Nerdy Frames, an independently owned and operated luxury eyewear company, also announced that it will be accepting Shiba Inu and its rival meme coin, Dogecoin, a pioneering move in its native industry.

Whale Analysis

Whale analysis of the Shiba Inu token shows that a number of whales have been buying the “Dogecoin Killer” on a number of occasions, taking advantage of the dip.

An ETH whale “Gimli” bought 53,812,600,975 on 06 Dec 2021 09:01:07 UTC. Another BNB whale bought 99,999,999,999 SHIB on 06 Dec 2021 11:47:10 UTC.

A new Shiba Inu whale bought 3,243,484,849,528 SHIB in three separate transactions. The first transaction occurred on 06 Dec 2021 02:19:31 UTC worth 8,015,637,271.910001 SHIB. On the same day, the second transaction occurred at 11:32:16 UTC worth 3,150,745,538,101.0596 SHIB. Finally, the last transaction occurred on 07 Dec 2021 10:41:38 UTC, worth 84,723,674,155.83 SHIB. The catch of this transaction was that the wallet was supposed of the Squid Game token scammer which now holds 3 trillion tokens.

Another whale bought around 13 trillion SHIB tokens in three separate transactions. First transaction was for 4,198,976,441,738.2344 SHIB, second for 248,894,551,548.05 SHIB, and third for 836,380,217,245.1965 SHIB.

Another anonymous wallet bought more than 8 trillion Shiba Inu in a single transaction which is a huge amount for a single entity. WhaleStats, a Twitter account that keeps track of whales suggested that it was Robinhood, a cryptocurrency exchange, that bought this huge amount of SHIB token.

“Woof! Woof! New #SHIB whale was born!!! Holds 8,108,189,881,576 $SHIB ($290,244,320 USD) Transactions. Welcome to the #ShibArmy Family!” ending their tweet with a million-dollar question on everyone’s mind, “@RobinhoodApp Is it you?”

On the other hand, the holder count of the Shiba Inu Army keeps on increasing as the token has passed a total of 1,050,000+ holders as of Dec 12. Top 1000 wallets of the holders own nearly 47,846,439,464,649 $SHIB tokens.

Finally, data from BscScan shows that one single wallet holds 17.3% of the entire supply while another holds 14.1% of the total supply. The top 5 wallets hold a total of 36.5768% of the supply.

Sluggish performance

After a huge upwards rally towards its current all-time high at 0.00008616 USD in the month of October, SHIB price action turned bearish. Currently, the SHIB token is 60.1% low from its ATH achieved in the month of October.

Furthermore, the data from CoinGecko shows that the token has dropped by nearly 6.3% in the last 7 days, followed by a 12.0% drop in the last 14-days. The token has dropped by a whopping 39.0% in the last 30 days.

The crypto market is a very volatile space, and every token has its ups and downs. Nothing will remain bullish forever. Recently, Shytoshi Kusama, the lead developer of the Shiba Inu project announced that the former Vice President of Technology at Activision joined the SHIB team to help generate the Shiboshi NFT game.

The project developers have also formed an alliance with Playside Games which will provide high-quality graphics to the Shiboshi game. It seems that the Shiba Inu project developers are trying to wrong the claims of people like Jordan Belfort, who believe that meme coins should be banned.

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About Author

Parth

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A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? He loves cryptocurrencies.

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