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Is Shiba Inu ETH whales’ favorite? Price action could be key

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Source: Unsplash

Bear markets come and go, but investors’ love for SHIB remains forever. Well, that’s exactly the case here as we see Shiba Inu’s yet another bond with dominant buyers.

Slowly and Steady 

The #15th ranked cryptocurrency saw a fresh 3% surge at press time as it traded at $0.00001. Even the total market capitalization rose by 3.5% on CoinMarketCap. This spark does, indeed, point towards a potential bullish bias that might continue in the coming days.

Well, the popular meme coin did showcase some recovery, especially in monthly transactions. SHIB transactions in July 2022 stood at 211,833- a gain of 34% from the 15-month low value of 157,889 recorded in June, according to statistics from the blockchain analytics website bloxy.info.

Source: bloody.info

Notably, the hike wasn’t significant enough compared to the last year.

Moreover, to support this incline, even keyword searches on Google Trends highlighted a good cause. Here’s the graph below over the 90-day mark.

Source: Google Trends

The said surge brought much-needed relief for the network and therefore the related token. Consider this, just a week ago, global Google search queries for the keyword ‘Shiba Inu’ dropped to the lowest level in over a year for 12 months.

The community even saw the latest development as a medium to cherish the pup. Herein, developers behind the popular meme cryptocurrency Shiba Inu unveiled the name of its long-awaited CCG game.

According to the announcement, the game, called “Shiba Eternity” was made available to players on the Apple app store and Google play store.

This coupled with the aforementioned developments helped the trading volume to go up.

Source: Santiment

As per Santiment, an analytic platform, the trading volume rose to the 360.9 million mark, on 3 August.

Burn me

A hike in demand generally goes hand-in-hand with SHIB’s burning mechanism. But, that wasn’t the case here. According to Shibburn portal, 1.13 billion SHIB were destroyed over the past week. In the past 24 hours, a total of 58,217,926 SHIB tokens were burnt.

However, it represents only 0.0002% of the circulating volume of the token supply, which is estimated at 550 trillion coins ($13,500 in fiat equivalent).

That being said, SHIB topped the charts amongst the top 5000 ETH whales as seen in the tweet below. 

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.