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Shiba Inu (SHIB) Achieves Largest ERC-20 Wallet Share, Can it Help Get Back the Bulls?

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Shiba Inu ($SHIB) continuous to show strong on-chain metrics despite a recent slump in price below the critical support of $0.00005. $SHIB became the largest ERC-20 holding wallet with over 21% in share, leaving the likes of Chainlink, OKB, and USDT wallets behind. While $SHIB’s ERC-20 holding is currently at $2.3 billion, but it reportedly took a massive dive right after the WhaleSats account shared a tweet regarding the same.

Shiba Inu
Source: WhaleSats

Shiba Inu’s ERC-20 share reportedly fell from 17.44% to 3%, sharply after the tweet made by the official account. However, it is not clear whether it was a glitch in the app or a gap in the data processing. This is quite a common occurrence for crypto price tracking websites like Coinmarketcap where if you refresh the data it shows the Cache data saved in the browser for the first few seconds before returning to the live price.

Shiba Inu’s ERC-20 dominance might give a glimmer of hope to the SHIB community, however, the declining volume of transactions and wallet addresses indicate the bears have finally caught up with the meme currency.

Shiba Inu Slumps Below Critical Support

November has proven to be highly bearish for the Shiba Inu as it has lost nearly 50% from its all-time-high (ATH) of $0.000089 and currently trading at $0.0000478. The 24-hour price chart of the meme currency offers a grim picture of losing bullish momentum. In October, everything seemed to be going in its favor of the altcoin as it managed to overtake its arch-rival Dogecoin ($DOGE) with a near 1,000% surge and November is proving to be quite opposite.

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Shiba Inu
Source: TradingView

Several updates in the first two weeks of November that should have helped the $SHIB price climb seemed to have little to no effect. This was primarily because the much demanded Robinhood listing came to a crashing end after the COO hinted they have no immediate plans of listing $SHIB. However, AMC Theatres, the cinema chain in the US announced it would add $SHIB payment support, and Kraken also hinted at a possible listing this week.

Given the overall crypto market has corrected sharply over the past week, Shiba Inu can hope for bulls to return with a change in market sentiment and upcoming listing on two major platforms.

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Healthcare Company Adds Shiba Inu to Its Balance Sheet

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A Toronto-based healthcare company now holds Shiba Inu on its balance sheet.

Ask The Doctor, a Canadian online healthcare company, has added $1.5 million worth of Shiba Inu to its balance sheet, according to an announcement posted on its Twitter account.

Kraken facilitated the seven-figure buy. As reported by U.Today, Shiba Inu started trading on the San Francisco-based cryptocurrency exchange on Tuesday.

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The medical information website will also begin accepting the meme cryptocurrency with its healthcare partners within the next three days.

It already allows clients to pay with Dogecoin for certain services in the U.S. and Canada.   

The Toronto-based company was launched in 2010, allowing its clients to connect with medical professionals via text messages or video streaming. Notably, its list of co-founders includes former NBA player Israel Idonije and former NBA star Dikembe Mutombo.

In 2016, Ask The Doctor started accepting Bitcoin payments, becoming the first healthcare company around the globe to embrace crypto.

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The reason for adding the new payment option was to offer customers who share sensitive medical data more privacy.

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Shiba Inu Coming to Brazil’s Largest Crypto Exchange

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BBrazil’s Mercado Bitcoin is set to add support for Shiba Inu on the first day of December.

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced that Shiba Inu will become available for trading starting from Dec. 1.

The token is yet to be added to the trading platform at the time of writing.

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The announcement was accompanied by a video of a Shiba Inu dog in military gear.

After listing SHIB, Mercado Bitcoin will also add support for Cosmos (ATOM), Polkadot (DOT) and Loopring (LRC) later this week.

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 2TM, the parent company of the number one exchange in Latin America, raised another $50.3 million in late November. This occurred just months after raking in $200 million in July during a Series B investment round spearheaded by Japanese conglomerate SoftBank.

Last month, Korbit became the first cryptocurrency exchange to list Shiba Inu in South Korea.

Kraken, one of the world’s top exchanges, also added support for the top token earlier this week.

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New Shiba Whale Buys $38 Million Worth of Tokens

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Another whale appears on Shiba Network after token drops from local high and consolidates

New Shiba Inu whale appears on the network after purchasing $38 million worth of tokens. The whale newcomer has bought 850 billion tokens while it was losing 5% of its previously gained value.

The transaction was made 15 hours ago, while the token had just begun its correction and was trading at $0.000048. Such strong buying power, unfortunately, could not push SHIB further up and fuel the local uptrend.

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With more whales entering the market, Shib’s fundamental background is continuously developing while the price on the market seems to struggle to break through the $0.000046 area.

Other whales also remain in the Shiba Inu sea by holding more than $2.3 billion worth of tokens while previously owning only about $1.8 billion. The change in the trend appeared shortly after the global cryptocurrency market correction.

Transaction Data
Source: WhaleStats

Most whales have entered Shib with a large discount of 15% compared to the previous trading range. Whales have also become an absolute majority on the chain by buying up 72% of the circulating supply, which puts Shiba mostly in the hands of large wallets.

At press time, Shiba is trading at $0.000046 with 3% of the daily loss. Additionally, the token is losing 15% from its previous high of $0.000054. The token failed to continue its rally and is trading at the local support, while on-chain data suggest a rapid drop of trading volume, which indicates that traders have not yet decided the future direction of the asset’s price.

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