In recent hours, a large amount of Shiba Inu (SHIB) tokens have been moved. Two of these four transfers were made with the participation of the Binance exchange. Meanwhile, the Shiba Inu remains the number one asset held by ETH whales in dollar terms.
Whales transferred 540 billion SHIB
According to Etherscan, 200,000,000,000 and 158,081,037,000 SHIB token transfers took place between anonymous cryptocurrency wallets. The two transfers, each carrying 100,000,000,000 Shiba Inu, were from Binance exchange and were sent to 0xef686ec84eea2eae6f59cbc704d05b939f8fb385. Those 200 million SHIB equates to around $2,224,000. At the time of writing, the address receiving the crypto is blank.
On the other hand, two days ago, Shiba Inu reclaimed its status as the largest coin in terms of US dollars among the top 100 wallets on the Ethereum chain. Since then, the coin has managed to maintain its lead as the top ETH whales bought another $4 million on the Shiba Inu.
Large transactions impacted trade volume
Meanwhile, Shiba Inu’s trading volume has increased by 49.14 percent in the last 24 hours and this increase is thought to be related to the above transfers. Despite an impressive volume record, the effect was not noticeable in the SHIB price. According to the data, SHIB was currently trading at $0.00001125. Trades were not enough to carry SHIB to a double digit rally. However, it was effective in other areas. It has led to SHIB becoming one of the most popular cryptocurrencies, as we reported as Kriptokoin.com.
Whale-watching platform WhaleStats revealed that over $1.37 million has been accumulated in SHIB in the last 24 hours. It showed that he was sixth in the ranking. Overall, the value of SHIB tokens held by ETH whales totaled $137.45 million. While this backlog may not excite individual investors, other metrics have a role to play.
What do the other metrics point to?
According to the thirty-day market capitalization to realized value ratio (MVRV), the time for consistent rise has not yet come. According to Santiment, SHIB’s MVRV rate is -3.30%. According to experts, the probability of doubling the current value of SHIB in this position is very remote. Unfortunately, SHIB’s social dominance was currently 0.66 percent. This implied that the asset did not receive much interaction among investors, most of them individual.
On the other hand, SHIB’s social volume showed that the search for tokens has increased and interest has not fully waned. Additionally, the increased social volume did not guarantee that the short-term momentum would improve. In exchanges, SHIB entry was at an extremely low point after the September 12 increase. At the time of writing, SHIB is changing hands at $0.000001099, down 1.9 percent.
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