Assessing Shiba Inu’s [SHIB] status after the whales’ latest buying spree
- Technical indicators were ringing a bearish alert for SHIB at press time.
- SHIB’s burn rate increased 36% in the last 24 hours but decreased 93% weekly.
This was a clear indication of the growing demand for Shiba Inu [SHIB], a great whale has snatched up more than 168 billion tokens over the past two trading days, according to information from Etherscan. With SHIB’s price at press time, the transactions were valued at more than $1.72 million.
Realistic or not, here is SHIB’s market cap in BTC terms
As a result of the buying frenzy, SHIB became the most traded token among top Ethereum [ETH] Whales in the last 24 hours, according to crypto whale tracking website Whalestats.
SHIB accumulation on the rise
Etherscan data showed that the whale in question started with modest amounts 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 dumped more than 49 billion tokens, suggesting that there was intense SHIB reciprocation in the market.
At the time of writing, the whale held a staggering $5.15 trillion in SHIB, worth more than $52 million.
Over the past 10 days, most major addresses have upped their game in accumulating SHIB. At the time of this writing, 615.19 trillion SHIBs were sitting pretty in whales’ wallets, according to Santiment data.
As major addresses began hodling SHIB tokens, supply on exchanges declined. Over the past 10 days, SHIB’s balances on centralized exchanges have fallen from over 90 trillion to 89.2 trillion at press time.
Source: Santiment
The burn is real
Data from Shibburn showed that SHIB’s burn rate increased by 36.97% over the past 24 hours, with more than 3.37 million tokens being retired.
On a weekly basis, however, there was a notable 93% drop from the previous week. At the time of this writing, SHIB had a circulating supply of $589.54 trillion, according to CoinMarketCap.
HOURLY SHIB UPDATE$SHIB Price: $0.00001034 (1 hr -0.07% ▼ | 24 hrs 0.56% ▲ )
Market Cap: $6,093,213,721 (0.62% ▲)
Total offer: 589,366,748,529,175BRAND BURNT
Past 24 hours: 3,379,516 (36.97% ▲)
Last 7 days: 21,184,222 (-93.45% ▼)— Shibburn (@shibburn) April 29, 2023
How much are 1,10,100 SHIBs worth today?
SHIB is trading at $0.00001029 at press time, up 0.33% over the past 24 hours. The token had yet to show any bullish momentum since the April 19 drop. In the last few trading days, the price moved sideways.
The Relative Strength Index (RSI) continued to trade below the neutral level, suggesting that bearish sentiment was strong. Moving Average Convergence Divergence (MACD) was below the signal line, adding to the strong selling pressure narrative.
Source: TradeView/SHIB/USD