Assessing Shiba Inu’s [SHIB] status after the whales’ latest buying spree
April 30, 2023
By Suzuki Shillsalot
Realistic or not, here’s SHIB’s market cap in BTC’s terms
Technical indicators sounded a bearish alarm for SHIB at press time.
SHIB’s burn rate surged 36% in the last 24 hours but dropped 93% on a weekly basis.
In what was a clear indication of growing demand for Shiba Inu [SHIB], a major whale snapped up more than 168 billion tokens in the last two days of trading, as per information from Etherscan. With the press time price of SHIB, the transactions were worth more than $1.72 million.
As a result of the buying spree, SHIB became the most traded token among top Ethereum [ETH] whales over the last 24 hours, as per crypto whale tracking website Whalestats.
SHIB accumulation on the rise
The data from Etherscan revealed that the whale in question started with modest quantities, but quickly escalated to amass a whopping 108 billion SHIBs in a transaction executed a day and 14 hours before press time.
However, it was interesting to note that the whale offloaded more than 49 billion tokens, indicating that an intense to-and-fro movement of SHIB was happening in the market.
A staggering 5.15 trillion SHIB, worth more than $52 million, was held by the whale at the time of writing.
Over the last 10 days, most large addresses stepped up their game in accumulating SHIB. As of this writing, 615.19 trillion SHIBs were sitting pretty in whales’ wallets, as per Santiment data.
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