SHIB Again in the Interest of Ethereum Whales

It would appear that the Ethereum [ETH] whales have reversed their previous decision to exclude Shiba Inu [SHIB] from their top holdings in the cryptocurrency market. Remember that these whales had just cashed out of a SHIB stake worth three figures in millions of dollars.

As of right now, SHIB is once again a topic of interest. According to WhaleStats, the top 100 ETH whales have purchased more than $37 million worth of SHIB over the course of the last 24 hours. As a result of this rejuvenation, the total value of the SHIB assets held by the top 1000 whales has reached 162.12 million dollars.

Even more importantly, the accumulation did not just consist of numbers. It progressed even farther as a constructive pattern was established in the price of SHIB. At the time of publication, CoinMarketCap reported that the price of SHIB had grown to $0.0000122, representing a 0.33 % decrease.

 

Reintegrated into the group

A price rise did not prevent the ETH whales from getting back involved with SHIB trading, though. SHIB was removed from the list of the top ten holdings as a direct result of the prior drops.

On the other hand, the buyback action has been crucial in restoring SHIB’s standing on the line-up. According to the information provided by WhaleStats, the SHIB was in fifth place, trailing only ETH, USDT, USDC, and staked ETH [stETH].

As a result of the most recent development, SHIB now has a 5.32% portion of the ETH whale’s holdings.

Even though a burn rate of 225% caused its price to drop at one point, the SHIB price appears to be delighted whenever the burn rate lowers. Despite the increase in SHIB, the Shibburn data showed that there had been a 46.39 percent reduction in the burn rate supply.

 

Get going on the path

It appears that the growth in SHIB was no fluke, with investors pumping liquidity into the SHIB ecosystem, as seen by the interest that has been shown in SHIB. This was evident from the way in which the Chaikin Money Flow chart moved (CMF).

The CMF went up to 0.28 on August 25 despite the fact that the indication was negative on that day, standing at -0.06. Additionally, the On-Balance Volume demonstrated a comparable momentum. In light of the fact that both of these indicators are pointing in a good way, the current position taken by SHIB would be considered a move in the right direction by enthusiastic investors.

The signs above might have been able to suggest that SHIB is heading in the direction of more greens. However, what about the use of other metrics?

Shib Chart
Chart: Shib vs. USD. Source: tradingview.com

 

As of the 24th of August, the volume of SHIB was reported by Santiment to be $397.24 million. On the other hand, the whale activity and price increase appear to have been supported by a volume increase that is 85.20% higher.

Shib Volume Data
Shib Volume. Source: Santiment

 

At the time of publication, CoinMarketCap had stated that the precise total was $723,130,766. It should come as no surprise that the number of 24-hour active addresses has also increased.

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