By Franklin Smith
Ethereum whales have been accumulating the meme coin Shiba Inu regardless of uncertainties plaguing the broad crypto market. Meanwhile, SHIB leads each ETH whale’s favorite asset in a somewhat unbeatable manner.
The latest data from WhaleStats shows Shiba Inu tops the charts for the top 500 Ether whales, exceeding the second-placed Best with a massive margin. Meanwhile, a concern for Shiba Inu investors and traders would be the token’s inability to capitalize on the unending surge into a lucrative price performance.
What Triggered the Hold-Up?
One would expect the whale activity to have catalyzed exceptional upsides like the developments’ influence on Chainlink and FLOW. Data from Santiment confirms an increasing volume into Shiba Inu lately. Nevertheless, it remained in swing mode without steady directional momentum.
It explored the 643.32 million highs on August 1. Nevertheless, downside trends saw it hitting 375.60 million by August 5. While market players may have hoped for more volume surge, further downside emerged, placing the number at 197.21 million as of August 8.
These ups & downs also impacted SHIB’s social prominence, exploding and plummeting at intervals. While writing this news, the altcoin saw increments in social dominance and volume, triggering a 0.1% price surge for SHIB. Surprisingly, a massive 350% volume surge within the past 24 hours only catalyzed a minor price uptick.
Moreover, active addresses and deposits might have also troubled Shiba Inu investors. Data shows that the meme coin saw significant surges in these areas occasionally.
Santiment confirmed that SHIB’s 24hr active addresses didn’t surge since August 2, when the metric almost touched 21,000. Meanwhile, active deposits discouraged investor expectations.
Still Some Hopes?
According to SHIB’s 4hr chart, the altcoin prints some hope for stable rallies. Shiba Inu hasn’t sustained green levels since touching $0.000013 on July 20. Nevertheless, the RSI (Relative Strength Index) seems primed for extended green candlesticks.
Moreover, the 20-day EMA (Exponential Moving Average) stayed beyond the 50EMA, suggesting that buyers were yet to succumb to selling momentum. The 200 Exponential Moving Average maintained an upside direction with the potential of price surges in the long run.
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