ShibaInu's demand among ETH whales soars, will it help traders in 2023?
An evaluation of SHIB’s supply distribution reveals that most of the large address categories have been increasing their balances. This means top whales have been buying the dip.But a closer look at the current demand levels reveals that there is low retail participation. For example, transaction volume remained within the normal range if not lower at least in the last week of December 2022. This may indicate a lack of sizable participation by the retail market.
The price managed to rally by at least 2%. But not much upside is expected especially if there is not enough whale participation andThe 90-day MVRV ratio achieved a slight bounce, indicating that recent buyers near the current lows are already in profit.Subscribe to get it daily in your inbox.
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