Ethereum whales reignite Shiba Inu [SHIB] interest- Decoding details
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.
? The top 1000 #ETH whales are hodling
— WhaleStats (free data on crypto whales) (@WhaleStats) August 25, 2022
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.
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.
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.