According to IntoTheBlock data, the number of Shiba Inu billionaires has increased compared to the past month. During this period, the number of cryptocurrency whales holding a maximum of 100 billion to 1 trillion SHIB increased.
Crypto billionaires are growing their SHIB reserves
Specifically, whales with 100 billion to one trillion SHIB have grown wallets by a stunning 20%, according to IntoTheBlock data. The last 30 days, from June 19 to July 17, saw the balance held by Shiba Inu’s billionaire addresses increase from 103.18 trillion to 123.53 trillion. The difference is 20.35 trillion SHIB.
According to the data, the inflow of Shiba’s major investors has been steadily increasing, with a growth of 1.498% in the last seven days. IntoTheBlock’s Whale Entry metric monitors funds going to whales or investor-owned addresses over certain time periods. A significant increase in these whale entries could signal active buying.
The growing optimism towards Shiba may be linked to recent developments around the project. Its lead developer, Shytoshi Kusama, recently heralded the imminent launch of Shibarium. Details will be revealed at the Blockchain Futurist Conference scheduled for August 15 and 16. cryptocoin.comAs we have mentioned, there are also the details of Treat token among the expected projects.
SHIB ecosystem official heralded new developments
Shiba ecosystem officer Lucie says exciting times are on the horizon as the Shibarium launch approaches. Lucie also stressed that Shibarium has no pump and dump plans. According to him, Shibarium is a solid technology with significant growth potential in the coming years. This technology will benefit other ecosystem cryptos SHIB, BONE, LEASH and others.
Lucie said, “So let’s buckle up in the long run. Because exciting times may be on the horizon,” she says.
“Why no moon?!”
Dev do something 😵💫Crypto prices tend to chill out around a year before a halving event because everyone's like, "Hmm, what's gonna happen? 🤔
During that summer, things may get a bit bearish, and folks might feel a bit down.
But don't worry! As we roll into… pic.twitter.com/SPcb0vR0it
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) July 20, 2023
Crypto bulls need to break through this resistance for another rally
Price-wise, SHIB managed to turn the $0.00000807 resistance level to support in January. This level served as a price floor for a significant rally towards the year high to $0.0000157. However, new meme projects are shrinking their share of the pie. This brought the SHIB price to a new low of $0.0000055 on June 10. As the bulls recovered properly from the low, a familiar price level became a blocking factor.
The $0.00000807 level repulsed the uptrend twice. However, recent price movements suggest that a breakout in the level may be imminent. Looking at the 12-hour time frame, the formation of an uptrend line that acts as support for the upward move is highlighted.
What do on-chain metrics say about SHIB?
Santiment’s on-chain metrics highlighted key moves that will trigger the rally. First, the 30-day MVRV rate was 0.774%. This shows that monthly owners have just started to turn their losses into profits. This encourages a large wave of buying as short-term investors try to maximize their earnings. In addition, stock market exits recorded a large increase on July 19. This points to a short-term accumulation trend where Shiba Inu buyers want to lock in their profits at the break of key resistance level.
cryptocoin.comWe have included the trillion-dollar SHIB transfer of July 20 in this article.
