February 23, 2024

Whales Increase Their SHIB Holdings Despite Price Correction

Despite the massive selloff of SHIB, large SHIB holders are still holding on to their SHIB holdings, with some of them increasing their holdings.

The 170B SHIB Token Purchase

Blockchain data revealed that a whale bought $6.5m worth of Shiba Inu tokens a few hours ago. The intense selloff in the digital currency market has affected SHIB, with the dog-themed token trading at about $0.000048. Some hours after making the first purchase, the same whale increased its SHIB holdings again by purchasing a separate $2.4m worth of SHIB tokens.

His second transaction might have been triggered by a dip in the SHIB price. The SHIB army and the crypto community expect a positive reversal in SHIB price action as more whales increase their SHIB holdings. Whales’ control of SHIB lowered slightly after SHIB set a new peak price. Thus, leading to a huge 48% dip within seven days.

The rise in the number of SHIB whales will lessen the control of retail traders over the network. It is known that whales usually keep their tokens for long periods or until the network reaches a new peak price. The SHIB trade volumes indicate that retail traders control less than 5% of the SHIB tokens.

This massive reduction in control came about because SHIB had made a significant loss recently. If it experiences another 35% price correction, SHIB price will revert to its post-pump range. However, this might not happen because there is a strong buying and selling power of the token.

Burning SHIB Through Coffee

The first week of this month saw the launch of the Shiba coffee company (SCC). Thus, making it possible to burn SHIB when users buy the token’s branded coffee. There are several burn services involving the Shiba Inu community. Customers can buy different fresh Shiba-branded coffee from the token’s coffee firm starting from $17 with payment done through SHIB.

The firm will use 10% of its profits to burn SHIB. The SHIB coffee firm CEO, Mr. O’Connor, said, “coffee and SHIB have one thing in common; they have an impact on each aspect of the life of everyone.” He further stated that “the coffee is properly grounded and often serves as a reminder of anyone’s best-loved coffee roaster.”

Speaking on reasons for promoting SHIB with physical products, O’Connor remarked that “the best way SHIB can be used to make a lasting effect is to link the SHIB digital ecosystem with the physical world. People will be convinced that this is something that works offline when they can touch or smell it.”

He also said, “the strength of the SHIB ecosystem was made more profound when businesses and individual users collaborated in their burn efforts to push the SHIB price.” O’Connor further disclosed that the SCC also helps other companies burn their SHIB so long they won’t destroy their SHIB tokens. The SCC boss highlighted the advantages of the SHIB burn for small firms saying that the burn grants them exposure to new clients.

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