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Ethereum whales reignite Shiba Inu [SHIB] interest- Decoding details

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Ethereum [ETH] whales seem to have turned the tables on their previous action to leave Shiba Inu [SHIB] out of their top holdings. Recollect that these whales had exited a three-figure million dollar SHIB holdings.

Now, SHIB is back as a matter of interest. WhaleStats says the top 100 ETH whales have bought over $37 million worth of SHIB over the past 24 hours. This rejuvenation has made SHIB holdings by the top 1000 whales hit $162.12 million.

More so, the accumulation did not stay at numbers alone. It went further as the SHIB price took hold of a positive trend. As per CoinMarketCap, SHIB was up 10.37% at press time as its price increased to $0.0000145.

Back in the fold

The ETH whales’ re-involvement with SHIB did not stay put with a price increase. Due to the dumps earlier, SHIB was ousted from the top ten holdings.

However, the buyback activity has helped to reinstate SHIB’s position on the line-up. WhaleStats showed the SHIB was in the fifth position only behind ETH, USDT, USDC, and staked ETH [stETH].

With the latest development, SHIB formed a 5.32% share of the ETH whale assets.

Source: WhaleStats

While a 225% burn rate led to its price plunge at some point, the SHIB price seems to be excited whenever the burn rate declines. The Shibburn data revealed that there had been a 46.39% decrease in burn rate supply despite the SHIB uptick. 

Hit the trail

Following the interest, it seems that the SHIB rise was no fluke, with investors injecting liquidity into the SHIB ecosystem. This was seen with the movement of the Chaikin Money Flow (CMF).

Despite the indicator being negative on 25 August at -0.06, the CMF increased to 0.28. The On-Balance Volume also showed a similar momentum. With both showing positive sentiments, SHIB’s current stance would be a step in the right direction as per investors’ enthusiasm.

Source: TradingView

The above indicators might have shown that SHIB could be headed towards more greens. But how about other metrics?

According to Santiment, SHIB’s volume as of 24 August was $397.24 million. However, the whale activity and price uptick seem to have been backed by an increased volume of 85.20%.

CoinMarketCap reported the exact figure to be $723,130,766 at press time. Unsurprisingly, the 24-hour active addresses also soared.

Source: Santiment

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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