Shiba Inu: Here’s what all that whaling around is doing to SHIB
Shiba Inu and Ethereum whales have developed a profound relationship recently. With the famous meme token available at discounted prices, whales have been busy with accumulation. Several whales have been buying SHIBA tokens in huge amounts.
Who’s a good pup?
The latest of which is “BlueWhale0073” who purchased 86,740,251,500 SHIB tokens worth $1,015,728. This giant whale recently purchased 193,419,098,244 SHIB, according to WhaleStats.
? ETH whale "BlueWhale0073" just bought 86,740,251,500 $shib ($1,015,728 USD).
Ranked #291 on WhaleStats: https://t.co/RBupemZyZX
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) May 24, 2022
However, according to reports, this whale uses SHIB as a purely speculative asset as he always sells the acquired SHIB tokens after purchasing them. At the moment, SHIB and other small-cap tokens constitute merely 0.2% of this investor’s portfolio. The whale bought the SHIB when it dipped towards $0.00001136 and sold it when the price briefly rose to its $0.0000119-high.
There has also been a shift in SHIB tokens held by whales on the Ethereum blockchain over the past 24 hours. On 24 May, the chart of the whales’ crypto-holdings showed that they held $833,034,530 worth of SHIB. This sum has decreased to $544,421,504 – 11.18% of their whole crypto-portfolio, as opposed to 15.86% yesterday.
Mixed bag for Shiba Inu
SHIB has mostly fallen in value in May like the rest of the crypto-market. It has dropped by 5.51% over the past week, with the price trading at a lowly $0.0000116 at press time. In fact, there is data suggesting a very prominent fall in Shiba Inu’s volume – Down by 40% (at press time).
This can be attributed to a sharp decrease in whale transactions over the past 24 hours, as per data from WhaleStats below. The transfer amount has also dropped to 190,117 since yesterday when it clocked figures of 10,270,613.
Moving over to the metrics, the MVRV ratio of SHIB has been very volatile in recent months. After going down over several trendlines, the SHIB MVRV ratio has been on the rise.
This is indicative of greater selling pressure in the market, with SHIB still stuck in the “oversold” zone.