ETH[ETH] Whales seem to have reversed their previous move away Shiba [SHIB] exceeds their major holdings. Recall that these whales exited holding triple-digit million dollar SHIB.
Now, SHIB is back. In the past 24 hours, the top 100 ETH whales bought more than $37 million worth of SHIB, according to WhaleStats. This revival brought the top 1,000 whales holding SHIB to $162.12 million.
🐳Top 1000 #ETH whales are hoarding
$79,250,379 $ MKR
Whale Leaderboard👇 https://t.co/jFn1zIOXPB pic.twitter.com /Jvd8JD7qft
— WhaleStats (free data on crypto whales) (@WhaleStats) August 25, 2022
What’s more, accumulation doesn’t just stop at numbers. As SHIB price maintains a positive trend, it goes further. According to CoinMarketCap, at press time, SHIB is up 10.37% and its price has risen to $0.0000145.
Back on track
ETH whales re-engagement in SHIB did not stand still as prices rose . SHIB was kicked out of the top 10 due to an earlier sell-off.
However, the buyback campaign helped restore SHIB to the lineup. WhaleStats shows that SHIB ranks fifth behind ETH, USDT, USDC, and staked ETH [stETH].
With the latest development, SHIB formed a 5.32% share of ETH whale assets.
While 225% burn rate leads to Its price plummeted At some point, the SHIB price seemed to get excited when the burn rate dropped. Shibburn data shows Consumption rate supply fell by 46.39% despite the rise in SHIB.
With interest, the rise of SHIB does not seem to be a fluke, There are investors injecting liquidity into the SHIB ecosystem. This can be seen in the movement of Chaikin Money Flow (CMF).
Although the indicator was negative at -0.06 on August 25, the CMF rose to 0.28. Balance volumes are showing similar momentum. Both sides are showing positive sentiment, and based on investor enthusiasm, SHIB’s current position would be a step in the right direction.
The above indicators may suggest that SHIB may be heading for more green. But what about other metrics?
According to Santiment, SHIB’s volume As of August 24, it was $397.24 million. However, whale activity and price gains appear to be supported by an 85.20% increase in volume.
The exact figure reported by CoinMarketCap at press time was $723,130,766. Unsurprisingly, 24-hour active addresses also spiked.
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