Eth whales back in Shib Game
Ethereum (ETH) whales appear to be back in the Shiba Inu game, having earlier excluded the token from their top holdings. Now, SHIB has resurfaced as a topic of attention.
As reported by Whale Stats, nothing short of $37 million worth of Shib was snapped up by the top 100 ETH whales earlier on August 25, increasing the SHIB holdings of the top 2000 whales to over $163 million worth of Shib. Previously, SHIB was dropped from their top 10 holdings, possibly as a result of the recent price dumps. With the whales now going on a big buyback rampage, SHIB’s standing on the lineup seems to be restored. In its tweet posted earlier on August 26, Whale Stats reported that SHIB was occupying the fifth position on the list of the ETH whales' assets, being only behind ETH (excluded from the list), USDT, USDC, and staked ETH (stETH), thus giving Shiba Inu a 4% portion of the total portfolio.
Despite common belief that token burns should, if anything, lead to a spike in the price, observations have shown that Shib’s price appears to get pleased whenever the burn rate takes a plunge. This same behavior has also been observed during the last uptick in SHIB’s price, revealing a 46.39% decrease in the burn rate.
As evidenced by the Chaikin Money Flow (CMF) indicator, this recent rise in SHIB was not a mere coincidence, indicating that liquidity was introduced to the SHIB ecosystem by the investors. Despite the indicator having been largely unfavorable on August 25th, and measuring at just -0.06, it soon went into the positive and made a huge jump up to 0.28.
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