Shiba Inu’s demand for whales saw an upside as the market anticipated the next move. However, the demand was not enough to drive a significant increase

Shiba Inu [SHIB] has been docile since the beginning of December, with hardly any significant developments. However, fans of the crypto token will be happy to know that it was one of the most bought tokens among the top 1,000 ETH holders.

Read Shiba Inus [SHIB] Price forecast for 2023-24

As of December 11, the top 1,000 ETH whales held more than $17.5 million in Shiba Inu, according to the latest data from WhaleStats. This meant that the memecoin crossed UniSwap [UNI], the second most held token by ETH whales, with over $23 million. The above amount made SHIB the fifth ranked token in the list.

What does it mean for Shiba Inu owners?

The above observations showed that Shiba Inu could still command the attention and demand of whales. This made the altcoin a healthy candidate for possible near-term bullish relief. Moreover, some observations in the chain supported this expectation.

A look at the Shiba Inu supply from top addresses as a percentage of total supply showed an increase since the beginning of the month. This meant that the top addresses piled up.

Source: Sentiment

This was not surprising given SHIB’s origins as a memecoin and the growth it has achieved so far. This was mainly with the aim of becoming a utility token and the goal of eventually having its own blockchain.

The analysis was in line with Shiba Inu’s supply distribution, which confirmed that the top addresses have increased their balances.

Source: Sentiment

Shiba Inu will eventually succumb to the bulls if whales continue to pile up, especially if market conditions improve. In addition, most SHIB buyers were seen to hold onto their coins rather than panic selling. This was confirmed by the increase in the average coin age observed since mid-November.

Source: Sentiment

However, short-term selling pressure was observed between Dec. 7 and Dec. 10, which manifested itself in a dip in the average coin age. Such situations underline price suppression. But despite this, Shiba Inu price action has remained within the same range for the past two weeks so far.

Source: TradingView

SHIB’s Relative Strength Index (RSI) hovered just below the 50% RSI level. This indicated a lack of bullish momentum to sustain a rally.

The healthy demand from whales also could not be considered sufficient to gain a significant advantage. Nevertheless, the fact that whales bought suggested that they had confidence in the token. This means that Shiba Inu could be one of the top performers during the next short-term relief.

This post SHIB’s short-term move could give investors reason to celebrate

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