What’s the bull case for Shiba Inu as whale holdings remain high?

• Shiba Inu is the most held cryptocurrency by Ethereum whales after stablecoins.

• The cryptocurrency is undergoing a market correction.

• SHIB has to recapture $0.000012 resistance to consider a bullish case.

Shiba Inu SHIB/USD remains the most held cryptocurrency among the top 1,000 Ethereum whales. That excludes the stablecoins USDC, USDT, and stETH, which rank in the first three positions. WhaleStats data show that the whales have a combined $133,680,683 worth of SHIB holding. 

Amid the sizable share, Ethereum whales have reduced their SHIB holding. As of August 25, the total stake was $162,127,202. By then, SHIB was trading at a high of $0.000014. The meme token now trades at $0.000011 amid a market correction.

A large whale holding indicates a belief in Shiba Inu’s recovery. Recently, Shiba Inu’s burn rate rose by more than 1,500%, prompting a price recovery. However, Shiba Inu lacks a sustained momentum to stay bullish. Key developments expected to boost the token, including the Shiba metaverse, remain far from becoming a reality. A series of non-starter developments amid the macro jitters have been responsible for SHIB’s decline.

Shiba Inu meets resistance as the price recovers slightly

Source – TradingView

Shiba Inu’s price action shows the token at a key resistance zone around $0.000012. The price is showing limited upside potential. The formation of inside bars from a mother bearish pin bar at the resistance could force a bear market. 

Recently, the 20-day MA crossed below the 50-day MA, affirming a bearish momentum. The RSI shows some upside since the token touched a nearly oversold $0.000010 level. 

Concluding thoughts

Despite some upside, Shiba Inu remains largely bearish. We can confirm a bullish reversal if the token recovers above $0.000012. A bearish movement could see the token retest the $0.000010 support again.