Shiba Inu’s [SHIB] new $7.5B milestone – Identifying if whales played a part here
The latest recovery signals in the crypto-market may be seen as evidence of an upcoming bull run. Needless to say, sceptics continue to stay confused about where certain crypto-assets will be 2, 3, and even 5 years from now. Popular memecoin Shiba Inu or SHIB is one such asset that continues to engage the community over its future. In fact, SHIB has now reclaimed a market cap of $7.5 billion on the back of a dramatic price uptick on the charts.
If SHIB closes the day on a positive note tomorrow, it will be the fourth positive week in a row. The last time such a run happened was in late September 2021 when Shiba Inu would eventually hit its all-time high of $0.000088.
At press time, SHIB was trading at $0.00001549 after an uptick of 23% over the last 24 hours.
Let the games begin
The bull activity on Shiba Inu has long been awaited by the SHIB army who continue to back the meme coin. Just recently, SHIB was over 85% off its ATH. However, the aforementioned surge lifted the mood around it. Much of the reason for the bull activity lies in the recent developments around Shiba Inu. There are high expectations in the community regarding the launches of Shibarium (Layer 2) and the Shiba Inu Financial Ecosystem (SHIBFE).
Similar to Ethereum, Shiba Inu also faces issues of network congestion and high gas fees. This further puts the launch of Shibarium in the spotlight as it aims to make transactions cheaper and faster. The Shibarium Public Beta TestNet is expected to be launched this quarter. Meanwhile, the metaverse and the Shiba Inu NFT ecosystem launches are set to launch in Q4 2022.
Here’s a data-dive
According to WhaleStats, the top 2000 Ethereum whales have been actively making huge changes among their holdings. As of 13 August, these whales were holding over $179.34 million worth of Shiba Inu. However, this doesn’t tell us the whole story.
There has a been massive change in these holdings since 3 August when holdings totalled $600 million. This represents lost confidence among the market-maker whales of the community.
? The top 2000 #ETH whales are hodling
— WhaleStats (free data on crypto whales) (@WhaleStats) August 13, 2022
Despite the whale factor, there has been a huge spike in profitability among SHIB investors. The MVRV ratio noted a dramatic jump today, with the same valued at 23.32% as per Santiment.
This can further be used to throw light on increasing interest among short-term traders in Shiba Inu, with increasing prices projecting quick returns.
The other sign of active accumulation among traders right now is shown in the following chart.
The RSI of Shiba Inu has risen significantly over the last 12 hours. At the time of writing, it was ranging above 90. This means the asset is in a heavily overbought zone. This can also mean a price rebound at some point in the near future. However, for now, Shiba Inu investors are set to enjoy the ride.