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Whales Continue to Accumulate SHIB as XRP Moves Out of Exchanges

Cryptocurrency Nov 17, 2022 06:00AM ET
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Whales Continue to Accumulate SHIB as XRP Moves Out of Exchanges
 
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  • Top Ethereum whales currently hold more than $75 million worth of SHIB
  • SHIB technicals continue to show bearish signs
  • XRP whale moves massive amounts of the token away from exchange

According to information compiled by WhaleStats on November 17th, the top 5,000 Ethereum “whales” together owned $75.82 million worth of the meme coin Shiba Inu (SHIB). Per the whale tracking platform, this was a $21.9 million difference from second-place holder MakerDAO [MKR].

SHIB hasn’t been a great performer in recent times, the token is down 22.4% over the past week. However, that doesn’t seem to deter Ethereum whales, who continue accumulating the second-largest meme currency. According to analysts, an increase in whale buying activity is a bullish signal.

However, based on technicals, SHIB may not be in a position to be rewarding for these Ethereum whales in the near future, given its current state. The asset’s 20-day Exponential Moving Average (EMA) is now below its 50-day EMA, suggesting that the price of SHIB is expected to drop more in the coming days.

Meanwhile, whale activity hasn’t been limited to SHIB alone, as XRP whales also seem to be in play. As per data from the crypto whale tracking service Whale Alert, a massive XRP transfer was spotted on November 16. Per the data, a whale moved 350,000,000 XRP valued at approximately $133 million at the time of the transaction.

This XRP was transferred by an unidentified whale who now holds 1.32 billion XRP on the cryptocurrency exchange Binance. The holdings are worth $507m. Currently, 213 million XRP, or over $82 million, are stored in the anonymous wallet to which the whale transferred the XRP.

On November 15, 1.2 billion XRP was deposited into the Binance wallet that executed the transaction. The surge in XRP deposits looks strange in light of the fact that consumers are moving funds away from exchanges. Coinglass’ data reveals 160,630 BTC have been removed from exchanges over the past week. While analysts say large inflows are usually a bearish sign, there seems to have been no signs of selling from the XRP whale. At press time, XRP is down 3.5% over the past 24 hours but is one of the few alternate currencies that is up more than 10% over the past week.

The post Whales Continue to Accumulate SHIB as XRP Moves Out of Exchanges appeared first on Coin Edition.

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Whales Continue to Accumulate SHIB as XRP Moves Out of Exchanges
 

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Red Death
Red Death Nov 17, 2022 12:06PM ET
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