- The Shiba Inu order of the whales saw an upward trend as the market anticipated the next move
- However, the demand was not enough to drive a significant rise
shiba inu [SHIB] She’s been docile since early December, with no noticeable developments. But fans of the cryptocurrency will be happy to know that it was among the most bought tokens among the top 1,000 ETH holders.
Read Shiba Inus [SHIB] Price forecast for 2023-24
According to the latest data from WhaleStats, the top 1,000 ETH whales held more than $17.5 million worth of Shiba Inu as of December 11th. This means that memecoin has passed UniSwap [UNI], the second most popular ETH whale token, with over $23 million. The aforementioned amount made SHIB the fifth token on the list.
🐳 Top 1000 #ETH Whales make huts
Pisces leaderboard 👇 https://t.co/jFn1zIOq03 pic.twitter.com/V4BlnOJSnj
– WhaleStats (tracking crypto whales) (@WhaleStats) December 11, 2022
What does this mean for Shiba Inu owners?
The above observations showed that Shiba Inu can still attract attention and demand from whales. This made the altcoin a good candidate for a possible near-term bullish relief. Furthermore, some observations in the series have supported this prediction.
A look at the supply of Shiba Inu held by headliners as a percentage of total supply revealed an uptick since the beginning of the month. This means that the headlines have accumulated.
This comes as no surprise, given SHIB’s origins as a memecoin and the growth it has achieved so far. This was particularly with its quest to become a utility token and the goal of eventually having a blockchain.
The analysis was consistent with the distribution of Shiba Inu supplies, which confirmed that their headlines had added to their balances.
The Shiba Inu will eventually succumb to the bulls if the whales continue to pile up, especially as market conditions improve. Also, most of the SHIB buyers were seen holding onto their coins rather than selling out of panic. This is confirmed by the upward trend in the average age of coins, which has been observed since mid-November.
However, short-term selling pressure was observed between December 7th and 10th, which showed a decrease in the average life of the coins. Such situations confirm price pressure. However, despite this, Shiba Inu price action has so far remained within the same range over the past two weeks.
SHIB’s Relative Strength Index (RSI) is hovering just below the 50% RSI level. This indicates that there is no bullish momentum to sustain the rally.
Healthy demand from whales also can’t be considered enough to drive a significant rally. However, the fact that the whales were bought indicates that they believe in the symbol. This means that the Shiba Inu can be among the best performers during the next short-term rest period.