Shiba Inu Slumps as Ethereum Whales Take Cover
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Ethereum whales have always been some of the staunchest believers of Shiba Inu, but the downturn in the broader market is hurting their portfolios. At the peak of the rally, top Ethereum whales held over $1 billion in SHIB tokens, with many whales believing they could pump their way into erasing another zero in the price of the meme token. However, this has been a difficult stunt to pull.
Over the last two months, these whales have seen their holdings dump by over 50% from the $1 billion peak. Up until now, many whales refused to budge and even added more to their position.
At press time, the total SHIB holdings by the largest Ethereum whales sit around $160 million. This suggests that these whales have lightened their collective position by over $300 million within the last month.
Reports show that these whales have siphoned their holdings into Stablecoins. USDC has become the largest holding by Ethereum whales, with over $882.8 million.
Key Shiba Inu Levels to Watch — August 26
After remaining in a relatively subdued trading pattern through most of the week, SHIB finally attempted a bullish rebound on Thursday but was caught in its tracks by the $0.0000150 barrier.
Fast forward to Friday, and the meme token has slumped back below the $0.0000120 support after comments from the recently concluded Jackson Hole symposium highlighted the ultra-hawkish stance by the US Fed. The general market relapsed following the event, crushing hopes of a second consecutive bullish month in August. That said, SHIB could go into freefall as we head into the weekend.
Meanwhile, my resistance levels are $0.0000150, $0.0000170, and $0.0000180, and my support levels are $0.0000110, $0.0000100, and $0.0000090.
Total Market Capitalization: $995.8 billion
Shiba Inu Market Capitalization: $7.13 billion
Shiba Inu Dominance: 0.71%
Market Rank: #12
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