Digital asset analysis firm Santiment; merchants, memecoin Shiba Inu (SHIB) He said they should take a close look at a chain business metric that could point to a potential major rally or even rallies.
Making a statement on his Twitter account, Santiment recommended that traders follow closely the SHIB whale activities of $100,000 and above.
“When these transactions happen in clusters, they are “usually” followed by price increases.”
According to CoinGecko data, SHIB is trading at $0.000028 at the time of writing, up 112.4% in the last two weeks.
SHIB had recently entered a strong rally with support from both the Coinbase platform and Elon Musk.
Santiment also reviewed Ethereum (ETH) data and noted that miners have added over $2.2 billion in ETH in the past few months. According to the data, in the last three months, miners have added 580,000 ETH on top of the 658,000 ETH they hold.
Commenting on Bitcoin (BTC), the company stated that the number of addresses holding BTC between 100-1000 BTC continues to increase.
According to the firm, 254 more have been added to the BTC whales in the last five weeks alone. This means an increase of 1.9% in a short time.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.