Quick take:
- SHIB is the third most held token on the Ethereum network after ETH and FTT
- Shiba Inu is also the 10th most bought token on the Ethereum network in the last 7 days
- An ETH whale recently bought $1 million worth of Shiba Inu (SHIB)
- Accumulation and holding could be a result of rumors of SHIB becoming legal tender in Turkey
- Interest in Shiba Inu (SHIB) comes at a time when Bitcoin and the crypto markets are in a bear market
The popular meme-coin of Shiba Inu is exhibiting promising fundamentals as SHIB is now the third most held token on the Ethereum network after ETH and FTT. In addition, Shiba Inu (SHIB) has emerged as the tenth most purchased token on the Ethereum network in the last week.
Early yesterday, a whale on the Ethereum network purchased $1 million worth of Shiba Inu (SHIB). The transaction was captured and shared by the team at WhaleStats via Twitter.
š³ An ETH whale just bought 49,651,432,412 $shib ($1,094,317 USD).
Transaction hash: 0xcfe21e38638a1fa3d6565c5b4a8b32818b1c32b553c6b25d227d4129f85673a7#SHIB #ShibArmy
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) March 14, 2022
Such a large transaction hints towards a sense of optimism by whales who continue holding SHIB despite the bearish mood in the crypto markets.
Whale interest surrounding Shiba Inu could have been spurred by rumors of SHIB being acknowledged as legal tender in Turkey, as a means of protecting the country from inflation. The Shiba Inu community in Turkey further acknowledged that they had met with the country’s former Economy Minister Mustafa ElitaÅ, to discuss the idea further.
At the time of writing, no update or clarification has been provided as to whether Shiba Inu (SHIB) will become legal tender in Turkey. However, the adoption of Shiba Inu in Turkey has grown immensely to the point where even ambulance services are accepting SHIB as payment.
With respect to price, SHIB is currently trading at $0.00002141 with $0.000020 acting as support. The meme-coin is in a clear downtrend as it is trading below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages.
In spite of the bearish atmosphere, Shiba Inu’s daily MFI, MACD and RSI point towards an overbought scenario that could open the doors towards a possible bounce back to the 50-day moving average around the $0.000025 price area.