Shiba Inu tokens continue to remain intact in the wallets of Ethereum whales. Per data from WhaleStats, SHIB accounted for 15.32% of all HODLings by the ETH rich list, making it the biggest token position by dollar value.
On the macro frame, however, both the number and volume of transactions >100k remain to be flat. Back during the initial days of February, when the token was rallying, the number of large transactions broke above 700. Post that too, during SHIB’s consolidation, the number kept moving around in and around the 150 mark. Of late, nonetheless, this metric’s reading has been hovering around 100.
The large transaction volume also noted a bunch of bumps over the past few months but has been horizontally moving ahead lately. Over the past day, merely 2.8 trillion SHIB tokens were traded by large market participants. As illustrated below, the said number is quite minuscule when compared to the levels noted in the Feb-April period.
This indicates that large market participants are merely clinging to their tokens/HODLing and there’s not much trading intent in the market. So, does this mean that Shiba Inu’s near-term prospects aren’t very lustrous?
Well, for the price to fall on the charts, the market needs to have some amount of sell-side pressure. At the moment, however, only buy-side momentum is missing. Consider this – over the past day, top Ether whales indulged in sell transactions of a host of tokens, but Shiba Inu was not a part of the top-10 list, implying HODLer conviction.
Thus, per the aforesaid factors, it looks like Shiba Inu’s price would continue moving horizontally on its charts over the next couple of days. Then, based on whichever side’s bias gets stronger, the price would head in that direction.
At press time, SHIB was priced at $0.00002099, down by merely 1% when compared to yesterday.