Ethereum's top whales seem to have changed their minds about Shiba Inu, leaving them back in their top holdings. It was reported that these whales had exited a three-figure million-dollar SHIB holding.
The top 100 Ethereum holders have bought over $37 million worth of SHIB in just 24 hours, according to WhaleStats. The top 1000 whales now have SHIB holdings worth $162.12 million.
This accumulation didn't just affect the quantity alone. It positively affected Shiba Inu price. The price of SHIB has gone up 10% in the last 24 hours, and it's currently trading at $0.0000145 per coin on CoinMarketCap–a rise worth noting
It is interesting to see the ETH whales' re-involvement with SHIB. It didn't stay put after a price increase, though – partly because of earlier dumps that left them out on top ten holdings lists.
The buyback activity has helped to reinstate SHIB's position on the line-up. WhaleStats showed it in fifth place behind ETH, USDT, USDC, and staked eth (stETH). With recent developments, SHIB has formed a 5.32% share of ETH whale assets.
The price of SHIB seems to react positively whenever the burn rate plummets. The SHIB burn data showed that despite the SHIB upswing, there had been a 46.39% decrease in burn rate supply.
It seems that SHIB's rise was no fluke, with investors injecting liquidity into their ecosystem. It was seen how CMF moved up, followed by other technical indicators such as the moving average trend indicator (MTI).
The CMF increased despite being negative on 25 August at -0.06
The reason for this increase is still unknown, but many theories are going around as to why it happened. It is currently at 0.28.
On-chain balance volume also showed a similar momentum. This is an important indicator of how traders feel about the market and could be useful in predicting future moves. With both showing positive sentiments, it seems like SHIB's current stance is a step in the right direction per investors' enthusiasm.
The chart showed that SHIB could be heading towards more greens. The value of SHIB's volume is $397.24 million. The recent increase in whale activity and price seems to have been backed by an increased volume of 85.2%
CoinMarketCap reported the precise figure to be $723,130,766 at press time. Interestingly, the 24-hour active addresses also soared.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)