- Summit Whales currently has over $75 million worth of SHIB
- SHIB technicians continue to show bearish signs
- The whale is moving massive amounts of token away from the exchange
According to information compiled by WhaleStats on November 17, the 5,000 largest Ethereum “whales” together own $75.82 million worth of meme coin (SHIB). According to the whale-tracking platform, that was a $21.9 million difference from second-place finisher MakerDAO. [MKR].
SHIB hasn’t been a great performer lately, with the token down 22.4% over the past week. However, this does not seem to deter the Ethereum whales, who continue to accumulate the second largest memecoin. According to analysts, the increase in whale buying activity is a bullish sign.
However, based on the technical specs, given its current state, SHIB may not be in a position to reward Ethereum whales in the near future. The 20-day EMA of the asset is now below the 50-day EMA, which indicates that the SHIB price is expected to decline further in the coming days.
Meanwhile, the whale activity was not limited to SHIB alone, as XRP whales also appear to be at play. According to data from crypto whale tracking service Whale Alert, a massive XRP transfer was spotted on November 16th. According to the data, a whale moved 350,000,000 XRP worth approximately $133 million at the time of the transaction.
XRP was moved by an unknown whale, which now owns 1.32 billion XRP on the cryptocurrency exchange Binance. The value of the holdings is $507 million. Currently, 213 million XRP, or more than $82 million, is stored in the anonymous wallet to which whales moved XRP.
On November 15, 1.2 billion XRP was deposited into the Binance wallet that executed the transaction. The rise in XRP deposits seems strange in light of the fact that consumers are turning away from the exchanges. Coinglass data reveals that 160,630 BTC were removed from exchanges over the past week. While analysts say that large inflows are usually a bearish signal, there seems to be no selling sign from the XRP whale. At the time of writing, XRP is down 3.5% over the past 24 hours but is one of the few altcoins that has gained more than 10% over the past week.
Post Whale Post SHIB Accumulation continues as XRP exits the exchange for the first time in Coin Edition.