Darling Crypto: Shiba Inu regains top spot as ETH whale favorite
The Shiba Inu is making all the right kind of noise these days. It is becoming the darling of the whales.
Although the project’s game, Shiba Eternity, was released 5 days ago, SHIB has fallen behind.
The value of the Shiba Inu was reported to have fallen thanks to the game, and its practical applications were highlighted. Yesterday, a total of 34 transactions accounted for the destruction of 108,611,459 coins.
However, this has not stopped whales from collecting SHIB. WhaleStats, a service that keeps an eye on extremely large cryptocurrency transactions, reports that the average Shiba Inu holdings and the number of active addresses have increased recently.
As of this writing, ETH whales have raised a total of $126,157,505 in Shiba Inu, according to WhaleStats.
Image: BeChewy
And based on data from Coingecko, SHIB is trading at $0.00001030, down 7.8 percent in the past seven days.
Despite this, SHIB’s price has not increased in the last three days. According to CryptoQuant, SHIB has had a poor track record, with a loss of 10.76% over a seven-day time period and a loss of 5.34% over a 24-hour timescale.
Will SHIB benefit from recent whale activity?
After the success of the video game, the Shiba Inu ecosystem has become a topic of conversation. A whale wallet received nearly 1.7 trillion SHIB tokens before the general release of Shiba Eternity. The price of SHIB, meanwhile, has fallen by a stunning 15.38% in that time.
This is a sign of concern across the market, which did not see the whale buying as a potential shift in investor sentiment.
In addition, fear and greed suggest a negative attitude. At the time of writing, the currency is trying to close at $0.00001029 on the green.
Nonetheless, a green closing day or hour may not be sufficient for the token if anxiety enters the broader financial market.
Shiba Inu: The correlation is clear and strong
There is a strong link between bitcoin and the stock market. At the time of writing, the correlation between BTC and the S&P 500 was 0.60, indicating that the cryptocurrency market is vulnerable to US Federal Reserve policy.
This week, Fed Vice Chairman Lael Brainard and Chicago Fed President Charles Evans will appear at separate events to outline the central bank’s planned course of action.
A hardening of the bank’s already aggressive stance will have a negative impact on the larger financial market, which will inevitably weigh on the cryptocurrency market.
In light of these circumstances, we see that SHIB will continue to have a tough time in the coming weeks as the crypto winter persists.
SHIB market cap at $5.6 billion | Featured image from Watcher Guru, Chart: TradingView.com
