Ethereum-based crypto lending platform Beta Finance has officially listed Shiba Inu on its platform. Meanwhile, on-chain data shows that whales are starting to accumulate SHIB.
SHIB investors can now use Beta Finance
Beta Finance, a money market for borrowing and lending crypto on Ethereum, has officially launched Shiba Inu on its platform announced the listing. 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.
$SHIB @ShibainuCoin is the newest market listed on @beta_finance
🦄Price feed is supported by @Uniswap V3 TWAT oracle
🏦Lend, borrow, and short $SHIB token on-chain
👇Comment below for what token we should list next! pic.twitter.com/0o3GzaWxG6— Beta Finance (@beta_finance) June 1, 2022
It is a critical financial tool for selling (short). 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 considering this news…
Shiba Inu is currently facing the accumulation of whales
Shiba Inu, It 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 purchased tokens among the 500 largest ETH whales in the last 48 hours. This indicates that it is currently facing an accumulation of whales.
JUST IN: $GRT @graphprotocol now on top 10 purchased tokens among 500 biggest #ETH whales in the last 24hrs 🐳
We've also got $VGX, $SHIB, $MATIC, $GALA & $PAXG on the list 👀
Whale leaderboard: https://t.co/tgYTpOm5ws#GRT #whalestats #babywhale #BBW pic.twitter.com/vrxDxcrLV9
— WhaleStats (tracking crypto whales) (@WhaleStats) June 2, 2022
Besides, the top 1000 ETH whales according to Whalestats, It holds SHIB worth $621,650,232. 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 increasing whale activity, it can be said that the price of SHIB is on the decline. As we have covered in the analysis of Cryptokoin.com , Chris Kline of Bitcoin IRA said that further decreases could be seen in SHIB and DOGE prices.
