Why Whales Push Shiba Inu Transactions To Record Highs, While Nearly 2M Hold SHIB
March 10 2022 - 2:13PM
NEWSBTC
After a 10,000% profit over the past year, Shiba Inu (SHIB) trends
to the downside with the rest of the crypto market. The meme coin
had a surge driven by retail investors looking to ride the rally
but has been unable to recover after a long period of persistent
selling pressure. Related Reading | Can Shiba Inu Break Past The $1
Mark? Here’s How It Can At the time of writing, Shiba Inu (SHIB)
trades at $0.000022 with a 6% and 30% loss in 24 hours. However,
data provided by several monitors seems to suggest a change of
dynamic in SHIB holders. Retail investors and speculators appear to
be dumping their tokens, in favor of larger investors. Data from
Material Indicators (MI), for lower timeframes, record retail
investors have been selling into the recent relief price action.
Although it has reverted into further losses, investors with bid
orders from around $100 continue to dump their bags. As seen below,
these investors have been massively selling funs in lower
timeframes while investors with bid orders from around $1,000 to
$10,000 buy. Total orders still trend into negative territory, but
selling pressure seems to be absorbed by SHIB whales. However,
while large investors in the green class, as the chart shows,
continue to buy the downtrend, SHIB’s price should find support.
Further data provided by MI indicates the cryptocurrency is sitting
at support, but with close levels of resistance. This could explain
why SHIB seems stuck and could remain in its current rage, at
least, in the short term. IntoTheBlock records a surge in trading
volume for Shiba Inu (SHIB). The metric accounts for 81% of total
on-chain volume, the monitor shows, with transactions greater than
$100,000 for a monthly high of $389 million. In other words, SHIB
whales have been increasing their activity as the price rose to
$0.000034. Shiba Inu (SHIB) Holders On The Rise The average SHIB
balance has risen 39% in the last 24-hours, as the price showed
potential signs of recovery. The trading volume last saw a similar
spike back in October 2021, before an unprecedented SHIB price
rally to its current all-time high. Total SHIB holders stand at
close to 2 million which could benefit if the price repeats a
similar performance. In addition, Whalestats indicates a
multi-month surge in activity from unique traders. Related Reading
| Shiba Tron, The Shiba Inu And Floki Inu ‘Killer’ That Soared
1,000%, Is A Potential Scam The cryptocurrency could benefit from a
new product. Crypto exchange Binance offered a chance to claim a
share of $100,000 in SHIB as part of a welcoming offer for news
users. The official Twitter handle for Shiba Inu said: Since last
year, SHIB has been a star for crypto adoption. Is clear to
understand why #BinanceLovesShib and why they have launched a
campaign to make getting into Shib even more attractive!
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