Shiba Inu Price Dips Below Support But Ethereum Whales Are Still Buying SHIB

Shiba Inu has been high on the top Ethereum whales' shopping list despite the SHIB price dropping 7.8% in the last 24 hours.  The post Shiba Inu Price Dips Below Support But Ethereum Whales Are Still Buying SHIB appeared first on BeInCrypto.

Timeline of Ethereum, Shiba-inu

The long-lower price rejection at $0.00001 support indicates a possible price reversal. However, a descending trendline of falling channel patterns has limited the bullish growth for the past two months.

Bitcoin (CRYPTO: BTC), the world's most valued cryptocurrency, traded lower, but remained slightly above the $19,000 mark this morning. The second-most valued cryptocurrency, Ethereum (CRYPTO: ETH), also traded lower, falling below the key $1,300 level on Tuesday.

A new Ethereum-based token is burning ETH at a rapid clip and has diluted in price just as quickly – but all by design. The XEN token has accounted for nearly half of Ethereum gas in a 24-hour window in recent days.

The European Commission is interested in using an automated system to monitor and track the Ethereum (ETH) network. According to a new Tenders electronics daily (TED) service notice, the EU commission is launching a proposal to study decentralized finance (DeFi) monitoring through “embedded supervision.

SHIB price struggles on high timeframes despite showing bullish sentiment to trend higher.  SHIB trades below support as the price looks bearish with the current market state as the price closed the weekly candle below the previous.

Ethereum (ETH) price has failed to establish above the $1360 mark, despite some groundbreaking network growth over the last few days. While long-term prospects look bright, ETH's short-term momentum lacks immediate bullish catalysts.

All eyes have been on the Ethereum network since it moved from a Proof of Work (PoW) to a proof of Stake (PoS) mechanism. Granted, the digital asset's price hasn't done as well as many had predicted it would after the upgrade but the new functions of the network remains fascinating.

A public call for tender was launched by the EU Commission last week. The call is for a study geared toward developing automated monitoring systems and compliance oversight for decentralized finance.

Shiba Inu (SHIB), the world's second largest meme crypto has managed to be the top choice among the biggest Ethereum (ETH) whales amid the increased volatility in the market. However, Shiba Inu price are on have dropped by around 18% in the last 30 days.

The popular cryptocurrency exchange, BitMex, recently announced the listing of six new cryptocurrencies on its platform. Interestingly, the Shiba Inu token, SHIB, will also be available for trading on BitMex, along with other assets. It is also significant to note that the total amount of Shiba Inu burned during the last week has plunged substantially.