The top 5,000 whales in the Ethereum ($ ETH) block chain are betting on several altcoins except for ETH itself as the cryptocurrency market recovers, and their biggest volatile coin position is in the meme-influenced cryptocurrency Shiba Inu ($ SHIB).
According to WhaleStats, the 5,000 largest whales in the Ethereum network have an average of $ 229 million worth of ETH and $ 4.5 million worth of popular Stablecoin USDC in their wallets.
Immediately after the USDC, their largest holding is in SHIB, with an average value of $ 4.3 million, followed by USDT-stablecoin. Other whale bets include Bitpanda’s ecosystem brand $ BEST, Chhainlink’s $ LINK, Decentraland’s $ MANA and the popular cryptocurrency FTX, $ FTT, its own cryptocurrency.
Other large Ethereum whale positions include $ MXC and SwissBorg’s $ CHSB. Whales have increased their stakes in the meme-influenced cryptocurrency SHIB and swaps at a time when the cryptocurrency market seems to be recovering.
Earlier this month, the price of BTC fell below the $ 18,000 mark, while ETH, the second-largest cryptocurrency in terms of market value, fell below the $ 900 mark. Bitcoin has since recovered and is now trading at over $ 21,000, while ETH is at $ 1,150.
As a result of the sale, the total market value of all cryptocurrencies fell below the $ 1 trillion mark for the first time since the beginning of 2021. The market collapse is believed to be due to broader macroeconomic factors, including sharp inflation around the world and Russia’s continued invasion of Ukraine, combined with the freezing of the cryptocorruptor’s Celsius Network from “extreme market conditions”.
Shiba Inu himself has seen the interest of his community to burn more coins, and sees lower prices as a “huge opportunity” to reduce the circulation of the meme-influenced cryptocurrency. As the community grew, there were more than 320 million SHIBs burned in one day, according to Shibburn, a Shiba Inu combustion monitor.
For months, the Shiba Inu community has been using token burns to reduce the circulation of cryptocurrency to help its price rise as demand grows because demand would not be less available.
In addition, a key technical indicator, its Relative Strength Index (RSI), suggests that the cryptocurrency was oversold after the sale. In particular, Coinbase’s data show that investors using the platform have the average holding time of Cardano’s $ ADA and Shiba Inu compared to most other cryptographic outfits.
At the time of writing, typical holding time For SHIB, the Nasdaq-listed cryptocurrency has 142 days, and trading activity shows that 78% of investors buy and 22% sell. For Coinbase, “long holding time means an accumulation trend,” while short holding time “indicates increased movement of coins.”
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h/t – CryptoGlobe