Santiment: Whales Are Flocking! This Altcoin Can Be Pumped

Crypto whale watching platform WhaleStats says that the top 5,000 Ethereum whales have accumulated the recognized chest coin Shiba Inu (SHIB) over the past few days. On-chain analytics firm Santiment points to 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”

Koindeks.com As you follow, DOGE had a super rally after Dogecoin fan Elon Musk finished his Twitter job. Crypto analytics firm Santiment is drawing attention to another well-known chest coin, Shiba Inu (SHIB).

Santiment says that SHIB can play the lead game with its other chest coin, Dogecoin. In support of this, Santiment is looking at Shiba Inu’s Bitcoin parity (SHIB/BTC). According to the analytics firm, after the pair showed strength, it started to gain some momentum. Regarding its claims, Santiment makes the following statement:

Whichever side of the fence you’re on with chest coins like DOGE and SHIB, it’s undeniable that they see pumps. The Shiba Inu has historically followed Dogecoin pumps. Track process volume on our chart.

Source: Santiment / Twitter

According to Santiment’s chart, the SHIB/BTC pair witnessed a significant increase in volume. Therefore, Shiba Inu bulls are showing signs of life. As such, this is an indication that traders are betting on the chest coin that performs better than Bitcoin. At press time, the Shiba Inu was trading at $0.00001211, down 6.50% on a daily basis. In this midst, 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 largest 5,000 ETH whales had $89.7 million in SHIB treasury on Friday. In the current situation, it increased 4.5% to $ 94.2 million.

Santiment, the president is also looking at 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 regarding the issue:

As Bitcoin climbed above $20,700, traders continued to move away from exchanges. This shows that they are happy with long-term retention. 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.

Source: Santiment / Twitter

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