Crypto whale watching platform WhaleStats says the top 5,000 Ethereum whales have accumulated the popular meme coin Shiba Inu (SHIB) over the past few days. On-chain analytics firm Santiment points out the SHIB/BTC pair and notes that it is possible for the altcoin project to follow the Dogecoin rally.
“It is possible for Shiba Inu to follow Dogecoin”
cryptocoin.comAs you follow, DOGE had a great rally after Dogecoin fan Elon Musk finished his Twitter job. Crypto analytics firm Santiment is drawing attention to another popular meme coin, Shiba Inu (SHIB).
Santiment says that SHIB can play the lead game with its other meme coin, Dogecoin. As a basis for this, Santiment looks at Shiba Inu’s Bitcoin parity (SHIB/BTC). According to the analytics firm, the pair started to gain some momentum after showing strength. Concerning its estimates, Santiment makes the following statement:
Whichever side of the fence you’re on with meme coins like DOGE and SHIB, it’s undeniable that they see pumps. The Shiba Inu has historically followed Dogecoin pumps. Watch the trading volume on our chart.
According to Santiment’s chart, the SHIB/BTC pair witnessed a significant increase in volume. Therefore, Shiba Inu bulls are showing signs of life. So this is an indication that traders are betting on the meme coin that outperforms Bitcoin. At press time, the Shiba Inu was trading at $0.00001211, down 6.50% on a daily basis. Meanwhile, Bitcoin has slumped 0.58% to $20,688 in the past 24 hours.
Whales keep accumulating altcoins
In addition to crypto traders, blockchain whale tracker WhaleStats says that the top 5,000 Ethereum whales have also accumulated SHIB over the past few days. According to WhaleStats, the 5,000 largest ETH whales had $89.7 million in SHIB treasury on Friday. In the current situation, it increased by 4.5% to $ 94.2 million.
Santiment is also looking at the leading crypto Bitcoin (BTC). The analytics firm notes that the supply of BTC on crypto exchanges has dropped to a level that was last seen in November 2018. These data also reveal that long-term bulls continue to hide BTC. Santiment gives the following statement on the subject:
As Bitcoin climbed above $20,700, traders continued to move away from exchanges. This shows that they are satisfied with long-term holding. BTC’s share on exchanges dropped to 8.3%. This is the lowest rate seen in the last four years. October has been a big release month.
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