Digital asset analytics firm Santiment says that traders should keep a close eye on one on-chain metric that can potentially signal major rallies for meme crypto asset Shib Inu (SHIB)
Santiment tells its 109,100 Twitter followers to watch the number of SHIB whale transactions exceeding $100,000.
“When these transactions come in bunches, price rises generally follow.”
Shiba Inu is exchanging hands at $0.000028 at time of writing, up 112.4% in the past two weeks, according to CoinGecko.
SHIB received a boost last month when Coinbase added support for the Ethereum-based memecoin across all platforms. Earlier this month, Tesla CEO Elon Musk tweeted a photo of his Shiba Inu puppy, igniting another rally for the Dogecoin (DOGE) competitor.
Santiment is also looking at Ethereum (ETH), noting that miners have added over $2.2 billion worth of ETH in the last few months.
“Ethereum has returned above $3,900 for the first time in about six weeks, and an interesting phenomenon has been the absurdly rising miners’ balance.
In the past three months, miners have added 580,000 ETH to their currently held 658,000.”
As for Bitcoin (BTC), the crypto analytics firm says that the number of addresses with a balance between 100-1,000 BTC continues to be in an uptrend.
“The number of Bitcoin addresses holding between 100 to 1,000 BTC has grown substantially over the past five weeks.
254 more of these whale addresses now exist compared to five weeks ago, which is a notable 1.9% increase in this short time period.”
Bitcoin is trading at $61,857.16 at time of writing, up more than 25% in the past two weeks, according to CoinGecko.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/KeremGogus/WindAwake
The post This Shiba Inu On-Chain Metric Could Signal Future Price Rallies: Crypto Analytics Firm Santiment appeared first on The Daily Hodl.
