It appears that Shibtoken (SHIB) has now become the most traded token among the top 100 Ethereum whales. This latest news comes after significant gains in SHIB’s market capitalization over the past few weeks, with its price making impressive progress in the last quarter of 2022.
Whalestats tracks up to 5000 of the largest Ethereum wallets (the “whales”), which are worth an average of $8,749,302 and hodl an average of 6,708 ETH, 6 tokens, and 1 NFT. A total of 100 entities own 20% of the circulating supply of SHIB tokens, comprising a collective balance averaging 1.9 billion SHIB worth roughly $16.3 million.
According to Whalestats, the most traded token according to recent data is Shiba Inu(SHIB), followed by Chiliz (CHZ) and Binance Coin (BNB). Despite a bearish market, SHIB – the meme-based cryptocurrency Shiba Inu coin – remains incredibly popular among significant Ethereum traders.
With its upcoming Shibarium launch, analysts are expecting the coin to draw an immense amount of interest from retail investors in 2023. Santiment’s data shows that high-net-worth investors are displaying a sharp decrease in buying activity, foreshadowed by the steady drop in purchases from retail investors over recent months.
Shiba Inu Technical Analysis
As whales demonstrate their presence, SHIB has been able to abate its bearish momentum in recent days. Within the past 24 hours, SHIB’s price is down by 0.58 percent and currently sits around $0.000008168 notable bounce back after dropping 6.11 percent over the two weeks prior.
If whale activity and capital keep flowing into the SHIB market, we can expect to see the token skyrocket. In fact, indicators such as its 90-day MVRV ratio suggest that those who recently purchased near these lower prices may have already broken even thanks to recent minor rallies.
The moving averages have started to establish a bearish crossover, with the 20-day SMA now trading below the 50-day SMA. The MACD has started trending downwards after peaking earlier this week. Both of these indicators could signal a potential downturn in price over the coming weeks.
The Bollinger bands have started to contract, signifying reduced volatility in the market. With decreased price swings and a bearish overall sentiment, SHIB could potentially head back down to its previous support of $0.000007 before continuing its upward trend.
Overall, it appears that whales are continuing to accumulate SHIB tokens and that this trend will continue into the foreseeable future. The support level lies at $0.000007, while the key resistance lies at $0.000010 while the resistance at $ 0.000012 could be a psychological target for bulls. Given the current bullish sentiment, it is likely that SHIB will continue its rally into 2023 and beyond.
