• Shiba Inu (SHIB) is an Ethereum-based ERC-20 crypto token, and the second most popular dog meme coin after Dogecoin.
• SHIB/USD was last changing hands slightly above its 21-Day Moving Average despite a large drop in the crypto token’s burn rate.
• Evidence of increased Ethereum whale buying is likely helping to prop up SHIB’s price, with Shiba Inu being the largest non-stablecoin ERC-20 token owned by the top 2000 Ethereum whales.
What Is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is an Ethereum-based ERC-20 crypto token and the second most popular dog-inspired meme coin after Dogecoin. It has shrugged off a few negative headlines in the last day or two, including a large drop in the crypto token’s burn rate, as per shibburn.com – SHIB burns were down over 90% in the last 24 hours. Meanwhile, one of the top Shiba Inu developers recently announced on his telegram channel that 50 projects that had expressed interest in building on Shiba Inu’s upcoming layer-2 Ethereum scaling solution protocol were no longer replying to his messages.
Current Price of Shiba Inu
Shiba Inu (SHIB)/USD was last changing hands slightly to the north of $0.000013 and slightly above its 21-Day Moving Average at $0.0000129, though is still about 6.0% lower versus earlier weekly highs in the $0.000014 area.
Increased Whale Buying Could Prop Up SHIB
Evidence of increased Ethereum whale buying is likely helping to prop up SHIB’s price according to blockchain activity monitoring website WhaleStats, who reported that Shiba Inu was in the top 10 purchased coins by the top 500 Ethereum whales in the last 24 hours and it was also revealed that it is currently owned by over 2000 whales with a total value of $679 million dollars – making it one of non-stablecoins with highest market cap held by whales..
Technical Bias Looking Positive for SHIB
Shiba Inus technical bias looks positive as they plan on launching their own scaling solution which could help facilitate rapid expansion of their web3 ecosystem as well as take trading off of Ethereum blockchain soon which could increase adoption and usage for SHIB tokens among investors and traders alike..
Is It Too Late To Buy Shib?
It may not be too late to buy Shibs but experts suggest doing more research before investing any money into this cryptocurrency so investors can make an informed decision on whether or not they want to invest in this currency based on their own personal risk appetite and financial goals.