Does ETH Whales want to invest more in SHIB's Bone?
Ethereum [ETH] whales are known to invest a significant amount in the popular memcoin Shiba Inu [SHIB]. This time, however, the whales doubled their exposure by investing heavily in their DeFI protocol (Bone).
Whale-tracking website WhaleStats tweeted on September 25 that Shiba Inu's BONE is one of the most widely used smart contracts. It has been ranked among the top 1000 ETH whales for the past 24 hours.
A bone to choose
Ethereum whales have shown interest in the Shiba Inu token for quite some time. However, it seems that the whales are not only investing in tokens, but also investing in the entire ecosystem.
With the increasing interest in the Shiba Inu DeFi space, it is likely that not only the price of Shiba Inu, but their ecosystem as a whole will also grow. Although the whales have shown their interest, the development of the Shiba Inu DeFi space still has a long way to go.
In addition, the Shiba Inu DeFI protocol, ShibaSwap, also slightly reduces the Total Locked Value (TVL). Since mid-September, Shiba Swap's TVL has slashed prices by $25 million.
Volumes and fees are also down from the previous month. The volume increased from $61.53 million on August 30 to $9.86 million on September 25.
However, the liquidity provided for the protocol has increased from $33.78 million to $36.05 million in recent days.
Additionally, Bone's social media presence is on the decline, as his engagement and mentions dropped 4% in the last week. So it remains to be seen whether recent whale interest can help with Shiba Inu's waning DeFI growth.
If the whale movements manage to improve the conditions of the Shiba Swap, it is likely that SHIBA will benefit from the price.
Where is SHIB currently resting?
At press time, SHIB is trading at $0.00001141 and the memecoin is up 3.2% in the past 24 hours.
The SHIB Relative Strength Index (RSI) is just below the 50 line, with a slight move to the upside. This move was confirmed by the Great Oscillator (AO) flashing green, albeit below the zero line. However, the CMF indicator, at 0.06, implies that there could be a slightly higher gain up front.
Other factors, such as Shiba Inu's growth in the metaverse, can also help investors make better decisions.
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