Ethereum whales are making some surprising moves, specifically targeting two altcoin projects. The biggest ETH whales are updating their portfolios, according to WhaleStats data.
Ethereum whales turn to another meme coin instead of Dogecoin
Ethereum whales are rallying around the Shiba Inu (SHIB), which is experiencing a modest recovery. According to WhaleStats, the SHIB accumulation of whale wallets has increased by more than 580% in the last 24 hours, from $736,000 to over $5 million. Accompanied by this, the Shiba Inu briefly became the second largest token position among whales. Later, Silverway (SLV) took this seat back from Shiba in a sudden move.
Another altcoin that whales have shown interest in lately has been Uniswap (UNI). Ethereum-based UNI has reached the status of the most traded token among the top 1000 Ethereum whales. Thus, he once again outstripped the Shiba. Besides stablecoin and Ethereum, other cryptocurrencies that are among the top 10 holdings of the top 100 Ethereum whales include the following altcoins.
- Polygon (MATIC)
- Decentraland (MANA)
- Cronos (CRO)
What do these transactions mean for investors?
The cryptocurrency market has eased a bit after being in the red for a while. Meanwhile, Ethereum whales continue to buy SHIB, according to Whalestats. ETH whales “Gimli” and “Bluewhale 0195” bought large amounts of SHIB in separate transactions.
Since the above transactions, SHIB continues to gain momentum. The chart below reveals that its previous levels are not predicting a bullish move.
On the technical side, the Awesome Oscillator (AO) was on the verge of falling below the balance. According to analyst Aashna Dunwani, this metric indicates that SHIB will follow a bearish trend. Similarly, On-Balance-Volume (OBV) indicated that SHIB should move sideways.
On the other hand, Santiment data shows that SHIB does not necessarily have significant volume growth. One-day circulation also fell from 3.32 trillion to 996.17 billion.
Latest Shiba Inu news
In the latest news, Shiba Inu and Shopping.io have confirmed their collaboration. SHIB users on the e-commerce site will get 2% discount and free shipping. cryptocoin.comAs you follow, the official announcement came from Shopping.io’s Twitter account on July 28.
What makes the #Shib Community Woof? 🦴
🐶We're giving our friends over at @Shibtoken something special! Starting now all orders fulfilled with $SHIB will receive FREE shipping and a 2% #Discount for 2 weeks!🎁
Lets see how strong the #ShibArmy really is!💂
🛍#ShopWithCrypto pic.twitter.com/K28JNTMIMP
— Shopping.io (@shopping_io) July 28, 2022
In other news, there was a new partnership for the payment of salaries with SHIB. While NowPayments has been allowing holders to make bulk payments using SHIB for a while, recent blog posts have fueled that interest again.
Besides that, Shiba Inu restaurant Welly seems to continue to take on new franchises after hiring an architect to design their restaurant.
1/2
Dear #WellyFriends ,
we want to announce that we’ve finally locked the deal with world renown architect Christophe Penasse of Masquespacio Studio (@masquespacioINT / @masquespacio).— WELLY 🍔 (@wellyfriends) July 28, 2022
