• 18 June, 2024
Market News

SHIB Token Flips Numeraire (NMR) for Most Traded Top 100 ETH Whales

According to the latest update by the popular market analyst Whalestats, the SHIB Token has become the most traded token among the top 100 Ethereum whales. Their data shows that over whale capital is now in SHIB tokens, surpassing Numeraire (NMR) as the leading crypto asset traded by these powerful market players.

Shiba Inu price action: Coinmarketcap

An evaluation of Whalestats’ data reveals that the top 100 ETH whales hold a staggering $566 million worth of SHIB, which comprises 15% of their overall token holdings apart from ETH. Hence, it is clear why SHIB is ranked as one of the premier 10 most-held tokens.

SHIB smart contracts have experienced an impressive 186% surge in usage amongst the top 100 ETH whales, ranking fourth after ETH, USDC, and USD/USD. By far, SHIB is the most popular token amongst the top 500 ETH whales with a stash currently valued at an estimated $579 million.

The surge in popularity for SHIB signals further adoption of the token and its underlying DeFi projects. This could bring more liquidity to the SHIB ecosystem, as whales begin to increase their exposure to SHIB tokens. 

What’s more, it’s still early days for the DeFi sector overall, meaning that ETH whales may be setting up long-term positions that could pay off big in the future.

Ultimately, this is a sign of growing confidence in SHIB and its associated projects among powerful crypto market players. The increased presence of the token among whales could be a major step forward for the SHIB ecosystem, potentially leading to significant gains for both institutional and retail investors alike.

Shiba Inu recent price analysis

Shiba Inu’s bullish rally cooled off after hitting an intraday month high of $0.00001251. However, it seems that Ethereum whales are not ready to give up on the cryptocurrency just yet. 

Shiba Inu has recently seen some strong buying pressure from these whales, which could be a sign that they are looking to make long-term investments in the token.

Shiba Inu’s trading price at the moment of writing is $0.00001139, down by over 5%, according to data from Coinmarketcap

Looking at the technicals, SHIB has been trading within an ascending triangle formation for quite some time now and is currently in the bottom half of the pattern.

If the bulls can break out of this formation, SHIB could see an impressive surge past its current resistance at $0.00001400.

SHIB/USD daily chart: Coinmarketcap

Furthermore, Shiba Inu’s MACD has crossed over into positive territory with its current level at 0.0006, which could be a sign of further upside potential for the cryptocurrency.

Finally, SHIB’s RSI is also in the bullish territory at 67.00, suggesting that there is still plenty of strength behind the token and that it could continue its uptrend in the coming days.

The Bollinger bands are seen to be wide at the moment, indicating increasing volatility in the SHIB market, which could present both buying and selling opportunities for traders.

All in all, it looks like Ethereum whales are bullish on Shiba Inu and their growing investment in the token could be indicative of further gains for SHIB in the near future. All that remains to be seen is if bulls can break out of the ascending triangle pattern.

Overall, Ethereum whales are becoming increasingly interested in SHIB tokens as they continue to add more and more liquidity to the cryptocurrency market. This could be a sign of growing trust in DeFi projects backed by SHIB tokens, which could bode well for the long-term prospects of this asset.

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