According to Etherscan, two transactions by an ETH whale amounted to USD 3.4 million, one by 200 billion SHIB and another by 100 billion SHIB. Although this hoarding aims to encourage retail investors, the thirty-day MVRV ratio indicates it is not yet time for consistent greens.
The recent impact of significant transactions may have caused the trading volume of Shiba Inu (SHIB) to increase by 49.14%.
One of the leading Ethereum (ETH) whales conducted two large operations, according to the analytics platform Etherscan.
The blockchain explorer also revealed that the two transactions amounted to USD 3.4 million. The whale first transferred 200 billion SHIB tokens to another wallet, after which another 100 billion SHIB went into it.
The Current Situation of the Price of Shiba Inu
Despite a considerable trading volume, there was no evident impact on the price of the popular meme coin. According to CoinMarketCap, SHIB is trading at around USD 0.00001125, representing a 2.33% rally against ETH and 1.23% against Tether (USDT).
Even though the transactions may be insufficient to drive SHIB to a double-digit rally, they proved effective in other areas. Regarding several tokens, SHIB shifted out of the daily hoarding ranges of the Ethereum whales.
Investors can now revel in the return of the meme coin Shiba Inu. According to WhaleStats, SHIB occupies sixth place, with over USD 1.37 million accumulated over the last 24 hours. The Ethereum whales held around USD 137.45 million worth of SHIB tokens.
On-Chain Analysis of the Price of Shiba Inu
Although this hoarding aims to encourage retail investors, other metrics also play a relevant role. The thirty-day market value to realized value (MVRV) ratio indicates it is not yet time for consistent greens. According to market intelligence platform Santiment, the MVRV of Shiba Inu was -3.30%.
In that context, the chance for SHIB to hit its current value twice was unlikely. The dominance of the crypto asset is 0.66%, implying that it does not receive much interaction among retail investors.
That situation could be due to the market decline, but SHIB might not take advantage of the whale effect for a rally. Besides, the social volume of SHIB showed an increase in the search for tokens while there was still interest in it.
The improved social volume of Shiba Inu did not guarantee that the short-term momentum would improve. The inflow of the meme coin on cryptocurrency exchanges was extremely low after a rise on September 12th.
Meanwhile, SHIB is trading at around USD 0.00001117 and has accumulated a 1.7% loss over the last 24 hours. While its daily trading volume is above USD 138.38 million, its market capitalization is USD 6.58 billion, according to CoinGecko.
Investors should research cryptocurrencies like Shiba Inu before buying them to know their all-time high, behavior, and possible future price. That will allow them to find the most convenient investment opportunity to minimize the risk of losing their money.
By Alexander Salazar
