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Ethereum whales amass 50 billion Shiba Inu worth $1.8 million

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Shiba Inu aka SHIB continued to attract tremendous network activity despite the price tumbling to 13% in the past four days. According to data provided by Whalestats that monitor activity for the 1000 biggest Ethereum [ETH] wallets addresses, an ETH large-cap investor purchased 50 billion SHIB tokens, nearly $1.8 million worth of the popular meme coin amid sharp price correction during the panic sell-offs in the crypto market.

That being said, the total holdings in the Jiraiya portfolio now account for about 1.6 trillion SHIB coins, valued at a whopping $59.6 million. The latest news comes after another large-volume investor scooped up close to a massive 100 billion tokens worth around $3.5 million, on the Binance Smart Chain, last Tuesday.

As a matter of fact, the asset enjoys massive support from high-worth investors. According to data on CoinMarketCap, its biggest whale holds over 410 trillion of the token, which is 41% of its total supply. In addition to that, recent moves by SHIB whales have impacted the price of the cryptocurrency to swing up and down because of their huge influence.

Earlier in November, the meme coin plummeted to a low of 21% after a big holder moved $2.3 billion worth out of the wallets, which triggered a panic reaction across the crypto market. A month earlier, Shiba Inu’s price climbed by 22% to hit a new peak, after another whale bought 276.6 billion coins, worth nearly $11.5 million. At press time, the asset is trading at $0.00003389 and has fallen by 3.87% in the past 24 hours.

Shiba Inu comes to Bitpay

After its listing across several exchanges another US-based digital firm, BitPay announced that its platform has accepted payments in Shiba Inu (SHIB), while consumers have the option to choose to either buy, store, or swap the digital currency in its inbuilt wallet app. Speaking on the same, Stephen Pair, CEO at BitPay noted,

“The Shiba Inu community is passionate about its coin and serious about giving those consumers places to spend SHIB. BitPay believes that more community involvement from coin holders supports awareness and adoption helping to move the blockchain industry to pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”

Can Shiba Inu [SHIB] make it to the Top 10 ?

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The global crypto market continued to reel under pressure as most of the assets were trading in red, with some even dropping to monthly lows. Shiba Inu [SHIB], too followed the broader market meltdown as it went on a downward spiral ever since hitting an all-time high of $0.000088 a month back. The canine token slipped by more than 52% from its record high to its current level.

At press time, the asset is changing hands at $0.00003818 with a 24-hour trading volume of $2,09 billion. Its market cap was found to be at $21.15 billion. Shiba Inu was down by 1.97% in the last 24 hours and decline by 16.51% over the course of 7 days.

What do Shiba Inu [SHIB] price technicals depict?

In the above 4-hour chart, the Relative Strength Index [RSI] indicator hovering below the half-line signaling sellers are dominating the asset market. With regards to the Chaikin Money Flow [CMF] cruising below the zero line is projecting an increase in capital outflow in the market. The closing red candles of the Awesome Oscillator [AO] too reiterated the bearish narrative.

As gauged from the above short-term chart, the price has been going downhill after undergoing a DEATH CROSS by the 50 MA [Pink] with the 200 MA [Green] on 19th November, followed by another bearish crossover a few days later by the 200 MA and the 100 MA [Yellow] further signaling a downtrend.

The asset continued garnering tremendous traction despite the bearish price outlook. Previously Tronweekly had reported on its highly anticipated payment support in the retail firm Newegg. The latest listing follows after the meme coin gained entry across major crypto exchanges like Binance, Bitfinix, and Coinbase except for Kraken. Apart from that, the asset can also be in a huge turnaround in terms of its Metaverse development as evident from reports of Shiba Inu forging partnerships with William Volk, former VP at Activision Studios, to create a Shiba Inu game.