As always, there is a certain group or investor that causes huge fluctuations in the market. Investors are also thought to have been behind the latest Shiba Inu rally. Here is SHIB’s latest rally and Santiment data…
Santiment highlighted the increased activity among the more than 430 SHIB whales with total SHIB holdings of over $100,000. Therefore, the latest Shiba Inu rally is no exception. Since August 13, the Shiba Inu has added 23 percent to its value. It has reached a price the market has not seen in the past few months. Based on the activity of major addresses, whales are preparing for a spike in price and volatility as we see a lot of large purchases and trades before the price increase.
So where do whales send their assets? Most of the transactions highlighted by Santiment are wallet-to-wallet transactions. Because whales often use several wallets to redistribute their assets for better management. Unfortunately, the trading volume on SHIB today shows that some traders are selling their holdings. This was immediately reflected in the token’s market performance. In the last 24 hours, SHIB showed the biggest increase in trading volume in the last 260 days on August 14. On the other hand, it lost more than 13.6 percent of its value.
Such a massive increase in net flow around the token has been a positive sign that can give SHIB investors hope for another recovery rally. For now, SHIB successfully broke the local resistance level of the 200-day moving average. It is currently facing resistance ahead of the 0.00002 price level. At the time of writing, SHIB is changing hands at $0.00001540, showing an 8 percent correction in the last 24 hours.
SHIB also surpassed DOGE
Meanwhile, AmkNews.com As we have also reported, Shiba Inu has surpassed Dogecoin in terms of Twitter followers. Shiba Inu’s official Twitter account has 3.44 million followers. Dogecoin account has 3.43 million followers. The official Twitter account also celebrated this milestone. According to FollowerAudit, a popular Twitter analytics tool, about 10 percent of Shiba Inu’s followers are fake. By comparison, about 8.7 percent of Dogecoin’s followers are fake. So, DOGE has more active followers compared to Shiba Inu.
In addition, Shiba Inu surpassed Ethereum in Twitter follower count in November. The largest cryptocurrency, Bitcoin, continues to lead with a total of 5.4 million followers. Rumor has it that the account was run by Bitcoin Cash advocate Roger Ver before he mysteriously deleted all tweets linked to the controversial hard fork in 2019. Solana (SOL) and Polygon (MATIC) are among the most popular cryptocurrencies on Twitter. Both have over a million followers. The price of the Shiba Inu rose more than 30 percent on Sunday, pushing it to the 12th position on CoinMarketCap, beating Avalanche and Polygon.
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