Forget Other Altcoins! Whales Are Now Buying This Coin!

Analysis company Santiment has found an anomalous accumulation trend among the largest Shiba Inu (SHIB) whales in recent weeks. This class of whales has amassed millions of dollars worth of altcoins in recent months.

Altcoin whales push SHIB to top-earning list

Shiba Inu is unexpectedly recording anomalous whale transactions, according to the day’s Santiment report. The lack of these purchases would have left Shiba with a lackluster chart. According to the report, wallets holding between 10 million and 100 billion Shiba Inu have amassed a staggering $9 million in less than eight weeks.

Santiment shared a chart showing the impact of whale purchases on price. The report shows a staggering flow of 1.11 trillion SHIB to wallets hosting 10 million to 100 billion SHIB over the past eight weeks. Meanwhile, SHIB price started a significant upward move.

This significant accumulation represents an important milestone for the Shiba Inu. In addition, SHIB moved up from the 19th place it took place earlier this month to 14th place. The meme token has been moving away from the top 20 by market cap over the past few months. Interestingly, data from CoinMarketCap shows that the Shiba Inu has been among the top earners in the last 24 hours.

Token burns support price increase

On the other hand, Shibburn, a famous Shiba Inu token burn tracker, tweeted some interesting information regarding SHIB’s status. According to its automatic calculations, 95,122,875 Shiba Inu have been burned in the last 24 hours.

Earning the trust of whales on Ethereum, not just SHIB

According to another Blockchain watcher, Ember’s report, the Golem Foundation has staked 98,016 ETH from last night until this morning, worth approximately $183 million. These ETHs were part of the 820,000 ETH that Golem raised in its 2016 ICO. With the last transaction, Golem chose the staking option instead of emptying his million-dollar wallet.

While the altcoin market is in demand, large amounts of BTC are flowing to exchanges

Meanwhile, it seems like Bitcoin whales are shifting their BTC to exchanges at an alarming rate. Data from Whale Alert shows that Bitcoin whale swap deposits have reached $275 million in a single day as the BTC price continues to struggle to surpass $30,000.

The vast majority of these transactions entered Binance twice. The largest single deposit was 2,459 BTC inflows with a total value of $72.6 million. Another notable transaction involved depositing 1,499 BTC with a total value of $44.3 million on Binance.

Meanwhile, the number of net Bitcoin position changes recently hit a 1-month low. The metric, which measures the position change of long-term traders on a monthly basis, shows whether traders have opened positions specifically in Bitcoin. According to data from Glassnode alerts, this metric has just hit a one-month low of 17,604,723. This shows that most investors prefer to take profits lately.

cryptocoin.com We have included the current BTC price predictions of analysts in this article. The leading crypto is currently trading at $29,200 just above the critical support level.