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SHIB Falls From 10th Spot As Whales Move To Other Crypto Assets

As investors look to consolidate profitable positions, big moves are being made in the crypto market, and recently top Ethereum whales have switched their assets from SHIB to other coins.

This move has removed the popular meme coin from their list of top ten assets. Shiba Inu is also feeling the effects of the recent downturn in prices. Investors’ faith in crypto is low due to the FTX crash. However, some investors are still optimistic about the rise of crypto with more adoption and utilization.

Vital data from WhaleStats reveal that the top 100 whales on the Ethereum blockchain have switched allegiances from the SHIB coin.

This move makes crypto observers wonder if there is any hope left for the token. The recent hack and subsequent theft of Ethereum tokens from FTX might also have a part to play in this decision.

SHIB Setting A stage For Bull Run

Shiba Inu showed signs of life jumping by 5.94% in the last 24 hours. The price of the token moved from $0.00000935 to $0.00000990. SHIB displayed a long green hourly candle.

It represents a surge from the price levels maintained since November 22, when the price was at the $0.00000821 level. SHIB’s price has increased, posting a gain of up to 20% on the former price.

In seven days, Shiba Inu has risen to 8.38% showing signs of a positive trend. However, it is still 88.91% below the all-time high of $0.00008845 achieved on October 28, 2021. Whales dump SHIB Holdings However – It Is Still Relevant To Investors.

SHIB Falls From 10th Spot As Whales Move To Other Crypto Assets

SHIB price currently displays a loss on the chart l SHIBUSDT on Tradingview.com

According to WhaleStats, the past weekend had whales dropping SHIB from their list of top 10 assets. Whales have now shifted their attention to other altcoins like MANA and stETH.

These two assets are top of the list and where the holding volume among the whales is much. Also on the top ten list are ANT, ENJ, UTK, CVC, TKN, DAWN, and SNT.

SHIB is also not available on the top twenty list held by the whales. In contrast, the rich list on the WhaleStats platform shows that the largest Ethereum Investors still have Shiba Inu holdings.

The top whale on this list holds an enormous 18,113,302,000,496 SHIB worth $178,053,759. Other ETH whales possess around $100 million worth of SHIB or less.

The top ten whales behind the largest – ETH whale hold; between $98 – $100 million worth of SHIB tokens each. It means that each wallet holds around 10,000,000,000,008 SHIB.

The statistics show that all is not lost for Shiba Inu since investors still regard it as a store of value. The total number of SHIB holders is currently at 1,255,976.

Featured Image From Pixabay, Charts From Tradingview.com

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Enjin (ENJ) Among Top 10 Crypto Choice Of ETH Whales In Last 24 Hours

Cryptocurrency whales are now investing heavily on Enjin Coin. Cryptocurrency whale tracker WhaleStats reports a total of 28,551,132 ENJ coins are in the whales’ possession.

Given that one token is now trading at a market price of $0.4141, this amounts to $11.8 million.

In tandem with the whale frenzy on ENJ coin, the Enjin development team has also launched a beta version of their native wallet. More investors will get behind the idea and the coin if these trends continue.

Consequently, this is good news for the ENJ coin’s market price. Despite this, the coin has an extremely negative market mood.

Enjin Needs A Shot In The Arm

As of this writing, token metrics are not encouraging. Coingecko reports that, over the past 24 hours, the coin has gained 0.7%, which is not nearly enough to make up for the losses incurred over the preceding seven days.

Each of the weekly, biweekly, and monthly averages is in the red. Meanwhile, a Twitter user by the name of CryptoDoc said that ENJ coin would never again be worth what it is now. This could serve as a synopsis of the data presented in the graphics.

Chart: TradingView

Currently, the cryptocurrency is trading at levels not seen since February last year. The currency reached this level during the June fall and returned to the $0.75 price range in August. Nonetheless, larger market pressures drove the price to a low in June.

This is an important juncture for the coin. Anything below this threshold will render ENJ useless in the Enjin ecosystem.

What Lies Ahead For ENJ

The most probable future for ENJ is a bearish one, some analysts say. As of this writing, the momentum indicator suggests a continuation of the downturn to the trough in January 2021. Current RSI values support this notion.

However, according to Chaikin’s money flow indicator, bulls currently control the market. This may have been caused by the whale buying binge. The Stoch RSI values support a possible bullish activity in the near future.

The triangle pattern that has formed as a result of the coin’s past price movements will pose a significant barrier to any potential rebound.

For a price recovery to occur, today’s candle must close green, which is a bullish indicator for investors and traders.

A green ending price today could provide ENJ with the impetus required to test the $0.443 barrier level.

Crypto total market cap at $890 billion on the daily chart | Featured image from The VR Soldier, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.