Over the past few months, the Shiba Inu price has been fiercely battling. Shiba Inu has been sharply falling in value along with the rest of the cryptocurrencies as a result of different macroeconomic causes, growing regulatory breakdown, and forceful actions taken by the US Federal Reserve to combat the effects of inflation. The meme coin known as Shiba Inu is very unstable. These meme coins frequently experience both impressive bull market gains and terrible bear market losses. As more and more ETH whales join the SHIB cult, experts believe that the Shiba Inu price is set to reach a solid support area shortly.
Shiba Inu, a well-known joke coin, has recently seen a lot of Ethereum owners aggressively buying, holding, and trading it. Shiba Inu is currently one of crypto whales’ greatest non-Ethereum assets.
The top 100 whales on the Ethereum network have placed the self-described “Dogecoin killer” as the largest token by dollar value in their wallets. This week, 386 billion Shiba Inu tokens were reportedly hoarded by well-known crypto whale “Gimli” and added to investment portfolios. Even during the cryptocurrency bear market, Gimli constantly kept adding fresh Shiba Inu tokens.
This shows that despite the meme coin’s high volatility and probable limitations as a long-term investment, some of the biggest Ethereum whales have noticed its potential.
Shiba Inu Is the Cryptocurrency That Ethereum Whales Use the Most
Crypto researchers have been claiming for years that Shiba Inu is far weaker than its rival cryptocurrencies because it has any practical applications. However, SHIB creators have made a concerted effort to have these charges refuted.
Shiba Inu coins are reportedly valued over US$45 trillion to Ethereum whales, or almost 20% of their total holdings, according to sources. The fact that SHIB’s stake is practically equal to USDT and USDC’s shares in their portfolios is also extremely surprising. The fact that ETH whales are stockpiling more and more Shiba Inu tokens following the recent crypto crash is also very significant. Given that the SHIB army is continuing to burn the tokens, it is only a matter of time before Shiba Inu experiences a significant price rally as its investors will be able to make sizable profits.
What time will the Shiba Inu rally start?
The cryptocurrency community has been speculating when the price of Shiba Inu will hit US$1 since the start of 2022. According to a number of price prediction forecasts, the cryptocurrency will hit US$1 by the end of 2022. However, given the market’s ongoing volatility, this projection looks improbable. According to experts, Shiba Inu may need to lower its present supply by more than 100% in order to spark a bullish price movement. Therefore, SHIB’s burn mechanism may gradually increase to help the token reach the desired price.
Meanwhile, according to various other forecasts, Shiba Inus value could decrease by more than 95% until the end of 2022. Shiba Inu’s current biggest problem is that the cryptocurrency currently doesn’t have a competitive advantage or point of uniqueness. Shiba Inu is an Ethereum blockchain-based ERC-20 token, but the cryptocurrency does not have any other noteworthy use cases that will draw in additional investors. Shiba Inu is merely a payment coin with no practical applications. Therefore, in order to ensure that the cryptocurrency sees a price increase, the developers must include additional utilities; the acts of the crypto whales will little help secure a bright future for SHIB.