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How whales triggered Shiba Inu’s bullish frenzy over the weekend

Press Releases Crypto News AMB-Crypto How whales triggered Shiba Inu’s bullish frenzy over the weekend

SHIB whale transactions surged to a three-month high.
Sentiment has to improve for the token to continue on its upward movement.

During the intraday trading session on 7 July, Shiba Inu [SHIB] logged 14 separate whale transactions, each worth over $1 million, causing the alt’s price to jump by 8% since then.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

According to data from Santiment, this surge in whale transactions represented the highest daily count of similar transactions in over three months.

As these whales intensified trading activity, the amount of unique SHIB tokens in circulation rallied to a three-week high.

Source: Santiment

Will SHIB holders have a reason to smile soon?

When the amount of a token in circulation grows in this manner, it often suggests the presence of positive market sentiment, capable of attracting increased trading activity. This could drive up the token’s price. However, in SHIB’s case, market sentiment remained poor.

Per data from Santiment, the alt’s weighted sentiment rested below the center 0 line at -0.888 at the time of writing. This metric has been negative since May, indicating the general lack of interest in trading or holding SHIB tokens for a long time.

The entry of the token’s weighted sentiment into the negative territory in May coincided with when holding SHIB stopped being a profitable enterprise. Data obtained from Santiment showed that the alt’s Market Value to Realised Value ratio (MVRV) turned negative on 7 May and has since remained the same. At press time, this was -58.38%.

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Author: Abiodun Oladokun

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