In contrast to its rival Dogecoin, which has had some respectable gains, the Shiba Inu price has fluctuated in pace with the overall cryptocurrency market.
From its all-time high, reached in October 2021, the Shiba Inu price had dropped by more than 90%. SHIB was trading at $0.00000923, up about 0.44% from the previous day. SHIB was no exception, as the Shiba Inu price duplicated the top coins and the bigger market when the global crypto market was still consolidating.
At the time of publication, the market cap of all cryptocurrencies fluctuated around $853.21 billion, with the majority of them undergoing consolidation.
The SHIB price did not significantly increase or decrease as bearish sentiment dominated the market, and it is presently trading below its $0.00000926 resistance. Even while the Shiba Inu price was still unable to break through the aforementioned resistance, several encouraging actions by ETH whales rekindled bullish expectations among SHIB holders.
Shiba Inu Whales are Still Accumulating ETH
Recent aggressive SHIB burning and Shiba Inu token stockpiling by Ethereum whales have boosted the price of the meme token. The Shiba Inu burn rate increased over 27% in the last 24 hours as of the time of publication.
According to data from Shibburn, about 7,432,585 SHIB tokens have been burned in the most recent day. The SHIB burning aims to decrease the available quantity of Shiba Inu, which frequently leads to price increases if demand for the token remains strong.
However, a recent update from Whale Stats revealed that the top 2000 ETH whales are hoarding SHIB valued at $76.473 million.
The same indicates that at the time of publication, Shiba Inu was the top 2000 ETH whales' largest holding.
Additionally, among the 1,000 largest ETH whales over the previous day, SHIB was among the top 10 tokens purchased.
As was emphasized in other articles, SHIB was undoubtedly the token that ETH whales preferred to hoard. Although this was encouraging for Shiba Inu and might benefit its price, the stronger market momentum limited any near-term gains.
BTC and ETH Correlation is High
In the short term, there were no catalysts for a price increase, therefore Bitcoin (BTC) and Ether (ETH) were moving in a rangebound trajectory. Notably, SHIB currently showed a strong link between BTC and ETH. The correlation between the Shiba Inu and bitcoin and ether was 0.96 and 0.97, respectively.
Shiba Inu daily active addresses revealed a 60.81% decrease in 7-day active addresses. Zero balance addresses decreased by more than 70%, whereas a modest 1.42% increase was seen for new addresses.
The number of new and active addresses on the SHIB network was relatively low.
The $0.000009 mark, where 36,480 addresses hold 15.36 trillion SHIB, can operate as a solid support for the time being.
The SHIB price will face less supply constraints in the future, but the stronger market momentum may continue to restrain SHIB price movement. The same could bring down the price of the Shiba Inu, particularly given that the correlation between SHIB and both BTC and ETH is significant.
Disclaimer: The author's personal view may be included in the information, which is subject to market conditions. Before making a cryptocurrency investment, do some market research. Your individual financial loss is not the responsibility of the author or the publisher.