Ethereum Whales Buy a Whopping US$3M Worth of Shiba Inu! A Rally on the Radar?

Ethereum Whales Buy a Whopping US$3M Worth of Shiba Inu! A Rally on the Radar?

The Shiba Inu price has been struggling quite aggressively for the past several months. Shiba Inu like the rest of the cryptocurrencies have been heavily plummeting due to the various macroeconomic factors, increased regulatory breakdown, and the aggressive moves by the US Federal Reserve to reduce the impact of inflation. Shiba Inu is a meme coin and is highly volatile. These meme coins tend to make remarkable gains during bull runs while also generating bad losses during bear markets. Today, experts are speculating that the Shiba Inu price is about to reach a strong support area soon as more and more ETH whales are joining the SHIB cult. Lately, a large number of Ethereum holders are actively buying, holding, and trading the popular meme coin Shiba Inu. Now, Shiba Inu has emerged as one of the largest non-Ethereum holdings among crypto whales.

The self-proclaimed 'Dogecoin killer' is the largest token by dollar value that has positioned itself in the wallets of the top 100 whales on the Ethereum network. Reportedly, a popular crypto whale 'Gimli' hoarded up 386 billion Shiba Inu tokens and added them to the investment portfolios earlier this week. Gimli has consistently continued to add new Shiba Inu tokens, even during the cryptocurrency bear market. This indicates that even though the meme coin is one of the most volatile and might not make up for a long-term investment asset, its potential surely has caught the eye of popular and some of the largest Ethereum whales in the market.

For years, crypto analysts have been saying that Shiba Inu is quite weaker than its competitive cryptocurrencies since it did not possess any real-world use cases. But SHIB developers have been working relentlessly to ensure that these allegations are curtailed. Its recent launch of the SHIB Burn Visa card, its metaverse domain, and also the introduction of the recent Shiba Inu crypto trading platform has enabled the crypto to establish itself among the top cryptocurrencies in the market. But these initiatives are not the only reasons why crypto whales are being attracted to the crypto.

According to reports, Ethereum whales possess about US$45 trillion worth of Shiba Inu tokens on their balance sheet, which equals about 20% of their total portfolios. But also quite remarkable is the fact that SHIB's share is almost equal to the share of USDT and USDC in their portfolios. Furthermore, it is quite important to note that ETH whales are stockpiling more and more Shiba Inu tokens after the recent crypto crash, and with the SHIB army continuing to burn the tokens, it is only a matter of time that Shiba Inu will experience a massive price rally as its investors will be able to generate massive amounts of profits.

When will the Shiba Inu rally commence?

Since the beginning of 2022, the crypto community has been wondering when the price of Shiba Inu will reach US$1. There are various price prediction reports, that indicate that the crypto will reach US$1 by the end of 2022. But as volatility continues in the market, this prediction seems to be quite far-fetched. Experts believe that to induce a bullish price rally, Shiba Inu might have to reduce its current supply by more than 100%. Hence, SHIB's burn mechanism might work its way up to enable the token to reach the long-awaited price.

Meanwhile, several other predictions depict that Shiba Inu might also lose its value by over 95% before the end of 2022. Currently, one of the primary challenges that Shiba Inu faces is that the crypto still lacks a competitive edge and differentiation. Shiba Inu is an ERC-20 token, created on the Ethereum blockchain, but the crypto does not offer any other significant use-cases that will attract other investors. Shiba Inu is just a payment coin, without any real-world utilities. So, the developers have to introduce other utilities to ensure that the crypto experiences a price rally, the actions of the crypto whales will do little to help build a robust future for SHIB.

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