- Shiba Inu’s demand from whales saw an upside as the market anticipated the next move
- The demand wasn’t enough to drive a significant upside.
Shiba inu [SHIB] Since December began, the crypto token has been relatively quiet with little to no notable developments. Fans of the crypto token will be pleased to learn that it was one of the top 1,000 ETH holders’ most-purchased tokens.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
WhaleStats data has shown that top 1000 ETH whales owned more than $17.5million worth of Shiba Inu, as of 11/12/12. UniSwap saw the memecoin cross this threshold. [UNI]ETH whales ranked SHIB as the second-most-held token, at $23 million. SHIB was ranked fifth on the list due to the above amount.
🐳 The top 1000 #ETH Whales hodling
$73,582,844 $SHIB
$47,680,667 $UNI
$38,402,724 #UnknownToken
$37,200,064 $LOCUS
$36,924,777 $BIT
$35,478,696 $BEST
$31,504,568 $MOC
$28,579,222 $LINKLeaderboard for Whales👇https://t.co/jFn1zIOq03 pic.twitter.com/V4BlnOJSnj
— WhaleStats (tracking crypto whales) (@WhaleStats) December 11, 2022
What does it mean to Shiba Inu owners
These observations proved that Shiba Iu can still attract the attention of whales. This made altcoin a good candidate for short-term bullish relief. This expectation was supported by some observations made on the chain.
An analysis of the Shiba Inu supply at top addresses in relation to total supply showed an increase since the beginning of the month. This indicated that top addresses were accumulating.
Source: Santiment
This was unsurprising, considering SHIB’s origins as a memecoin and the growth that achieved so far. This was due to its goal of becoming a utility coin and its eventual creation of its own blockchain.
The analysis aligned with Shiba Inu’s supply distribution, which confirmed that its top addresses have added to their balances.
Source: Santiment
If the whales continue to accumulate, especially in times of market improvement, Shiba Inu may eventually yield to bulls. SHIB buyers are more inclined to hold onto their coins than panic-sold. This was confirmed by the positive change in the mean coinage, which has been monitored since mid-November.
Source: Santiment
However, a short-term sell pressure was observed between 7 – 10 December, which manifested as a dip in the mean coin age. These circumstances are an indication of price suppression. But despite this, Shiba Inu’s price action has so far remained within the same range for the last two weeks.
Source: TradingView
SHIB’s Relative Strength Index (RSI) was hovering just below the 50% RSI level. This indicates that there is not enough bullish momentum to sustain a rally.
The healthy demand from whales also couldn’t be considered as enough to push for a sizable upside. However, it was clear that whales believed in the token and bought them. This could mean that Shiba Inu may end up among the top performers in the next short-term relief.