Alongside Dogecoin, even Shiba Inu has been rallying of late. The thirteenth ranked crypto asset has appreciated by 22% over the past week. Resultantly, 30% of SHIB HODLers are “in the money” or making money at the current price.
Read More: How many Shiba Inu investors are in profit after the 22% rally?
The recent rise in valuation has made the token re-appealing to whales. Over the past 24 hours, the volume of Shiba Inu traded by the top 100 Ethereum whales has risen by roughly 270%. Volume is usually a double-edged sword, for it indicates both buy side and sell side transactions. However, it is worth noting the average SHIB balance of the top 100 Ethereum HODLers has risen over the past day, likely suggesting that buys had an upper hand.
Similarly, when zoomed out, even the top 500 Ethereum whales seemed to be interested in Shiba Inu. One of WhaleStats’ tweets from Monday revealed that the said category of large participants possessed tokens worth more than $102.3 million collectively, making it their top crypto HODLing.
Alongside, they held DeFi tokens like Maker and Uniswap worth $72.6 million and $62.7 million. Other top cryptos like LINK, MATIC and MANA were also a part of the HODLings of the top 500 Ethereum whales.
What to expect from Shiba Inu going forward?
Even though whales have been scooping up Shiba Inu, it should be noted that profit booking has already started materializing in the market. Per ITB’s buyer-seller trades difference metric, sellers had a dominant hand over the short time frames. Over the past 10 minutes, 30 minutes, 1 hour and 3 hours, billions of tokens have been sold already.
Going forward if the sell pressure intensifies, SHIB could lose its support around $0.00001178 and drop to its 50 MA on the daily [red] around $0.00001096. However, if bulls manage to regain control, or if the broader market rallies, then Shiba Inu could be expected to head towards $0.00001275 [green].