Shiba Inus [SHIB] trading volume is up 49.14% in the last 24 hours and the increase could be the effect of recent large trades.
Based on information from Etherscan, one of the top 100 Ethereum [ETH] whales have made two huge trades within the above period.
The Ethereum block explorer also revealed that the two trades together amounted to $3.4 million. In the first transactions, the whale transferred 200 billion SHIB tokens to another wallet. Then another 100 billion SHIB arrived in the same wallet.
What is the condition?
Despite an impressive volume record, the impact was not noticeable in the SHIB price. According to CoinMarketCap, SHIB . was trade for $0.00001125 at the press. This value represented an increase of 2.33% over ETH and 1.23% more than Tether [USDT].
While the trades may not have been enough to send SHIB into a double-digit rally, it was effective in other areas. Recall that different tokens had displaced SHIB of the daily ETH Whale Accumulation Rank.
Now SHIB investors can enjoy the fact that the meme was back in the fold. At the time of going to press, WhaleStats showed that SHIB was sixth in the standings with over $1.37 million collected in the last 24 hours. Overall, the SHIB tokens held by ETH whales totaled $137.45 million.
Analysis on the chain
Whether or not this accumulation excites retail investors, other metrics have their part to play. According to the 30-day market value to realized value (MVRV) ratio, it was: no time yet for consistent greens. According to Santiment, SHIB’s MVRV ratio was -3.30%.
At this position, SHIB’s ability to reach twice its current value was far from being realized. Unfortunately, the SHIB’s social dominance was 0.66% at press time. this state implicit that the asset didn’t get much interaction between investors, most retail.
It could of course be the effect of the market decline. Still, SHIB might not take advantage of the whale effect for an upswing given its state of dominance.
On the other hand, SHIB’s social volume showed that the token search had increased and that the interest had not completely decreased.
In addition, improved social volume was no guarantee that momentum will improve in the near term. well, on exchangesSHIB influx was at an extremely low point after a sharp rise on Sept. 12.
This post Shiba Inu: What Investors Need To Know After This $3 Million Whaling Act
was published first on https://ambcrypto.com/shiba-inu-what-investors-should-know-after-this-3m-whale-action/