Ethereum whales appear to have switched from their past move to leave SHIB out of top holdings. Remember that these dominant investors exited a 3-figure million-dollar Shiba Inu holdings. However, the meme coin sees renewed interest.
WhaleStats data shows the leading 100 Ethereum whales have purchased $SHIB worth more than $37 million within the last 24 hours. The revival has SHIB balances by the dominant 1,000 whales hitting $162.12 million.
Furthermore, the accumulation didn’t end at numbers only. It stretched as Shiba Inu’s price retained a positive trend. According to Coinmarketcap, Shiba Inu changed hands at $0.0000145 during this writing, gaining 10.37%.
Embracing the Fold
The Ethereum whale involvement with Shiba Inu didn’t stand still with a price surge. The earlier dump saw SHIB banished from the top 10 holdings. Nevertheless, the buybacks have helped to push the altcoin on the line.
WhaleStats data indicated that SHIB Inu ranked 5th, behind Ethereum, Tether, USD Coin, and stETH. The latest development has SHIB forming a 5.32% stake in the Ethereum whale assets.
While its 225% burn rate triggered a price plunge at some time, the Shiba Inu price appears excited whenever burn rate declines emerge. Meanwhile, Shibburn stats showed a 46.39% decline in burn rate, regardless of the $SHIB upsurge.
Hitting The Trail
It appears SHIB’s surge was no accident considering the interest, as investors inject liquidity into the Shiba Inu ecosystem. The CMF (Chaikin Money Flow) confirmed that with its movements. Though the indicators remained negative (-0.06) on August 25, the Chaikin Money Flow surged to 0.28.
The OBV (on-balance volume) also revealed similar momentum. As the indicators flash optimistic sentiments, Shiba Inu’s present state can be a stride in the right direction according to investor enthusiasm. The mentioned indicators could have indicated that SHIB might witness more upside. However, what of other metrics?
Santiment data shows Shiba Inu’s volume as of August 14 stood at $397.24 million. Nevertheless, a +85% volume increase backed the wale activity plus a price surge. The figure stood at $723,130,766 during this publication (Coinmarketcap data). Unsurprisingly, 24hr active addresses also surged.
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