SHIB: Ethereum-based crypto lending platform Beta Finance has officially listed the Shiba Inu on its platform. Meanwhile, on-chain data shows that whales are starting to accumulate SHIB.
- 1 SHIB investors can now use Beta Finance
- 2 Shiba Inu currently facing accumulation of whales
- 3 Share this:
SHIB investors can now use Beta Finance
Beta Finance, a money market for lending and borrowing crypto on Ethereum, has announced that it has officially listed the Shiba Inu on its platform. This listing allows users to lend their SHIB to earn additional returns from borrowers, while allowing investors/short traders to borrow Shiba Inu and use it in hedge positions.
For this reason, it comes up with a critical financial tool for short selling, which is missing in the DeFi ecosystem. Users will be able to do this easily with the platform’s “1-Click Short” tool.
The founder of Beta Finance is Allen Lee, an MIT graduate who previously worked as a software engineer at Microsoft and Facebook. After the popular platform’s decision to support Shiba, it seems whales are taking the news…
Shiba Inu currently facing accumulation of whales
The Shiba Inu continues to consolidate between $0.00001047 and $0.00001437, indicating increased accumulation by investors. The 30-day Market Value to Realized Value (MVRV) reveals that the Shiba Inu may be approaching the “opportunity” zone amid current holdings.
This on-chain metric is used to calculate the average profit/loss of traders purchasing a crypto over a period of time. A rating of -10% to -15% implies that short-term investors are losing money and are less likely to sell, according to Santiment. This is usually where long-term investors gather. As a result, any change below -10% is referred to as “in the opportunity zone”.
Data provided by WhaleStats points to increased whale accumulation for SHIB. Shiba Inu has reached the top 10 most bought tokens among the 500 largest ETH whales in the last 48 hours. This indicates that it is currently facing an accumulation of whales.
Besides that, the first 1000 ETH whales hold SHIB worth $621,650,232 according to Whalestats. Shiba Inu whales have been more active in the last 24 hours, with a 52% increase in large transactions, according to data from IntoTheBlock. Large transaction fluctuations are typically linked to increased activity of buying or selling whales, totaling more than $100,000.
Despite the increasing whale activity, it can be said that the price of SHIB is on the decline. AmkNews.com As we covered in their analysis, Chris Kline of Bitcoin IRA said that further declines could be seen in SHIB and DOGE prices.
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