{"id":143064,"date":"2021-10-29T02:09:17","date_gmt":"2021-10-29T02:09:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143064"},"modified":"2021-10-29T02:09:17","modified_gmt":"2021-10-29T02:09:17","slug":"sophisticated-crypto-traders-helped-fuel-shiba-inus-shib-rally-data-suggests","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/sophisticated-crypto-traders-helped-fuel-shiba-inus-shib-rally-data-suggests\/","title":{"rendered":"Sophisticated Crypto Traders Helped Fuel Shiba Inu&#039;s ($SHIB) Rally, Data Suggests"},"content":{"rendered":"<p>Sophisticated cryptocurrency traders have reportedly backed Shiba Inu\u2019s ($SHIB) price rally over the last few weeks with over $160 million invested from them, according to a report from CoinDesk citing on-chain data sources.<\/p>\n<p>According to the report, blockchain data shows that even though the Shiba Inu rally is driven by retail investors throughout the world, more sophisticated investors also participated in the rally. The cryptocurrency\u2019s latest rally saw it hit a new all-time high of $0.000087 after moving up well over 1,000% over the last 30 days.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptoglobe.s3.eu-west-2.amazonaws.com\/2021\/10\/SHIBUSDT_2021-10-28_12-53-16-1280x586.png\"><\/p>\n<p>The report notes that addresses labeled as \u201csmart money\u201d by blockchain data firm _Nansen have been buying up SHIB tokens since the beginning of this week, acquiring millions worth of the meme-inspired cryptocurrency over the last few days.<\/p>\n<p>Addresses labeled \u201csmart money,\u201d it adds, are those who made more than $100,000 in profit through liquidity mining in decentralized finance (DeFi) protocols as well as public entities who invest in the cryptocurrency space.<\/p>\n<p>Cryptocurrency analytics firm Santiment has revealed earlier that the price of Shiba Inu has moved up after whale transactions of over $100,000 spiked, suggesting whales have also aided in the rally.<\/p>\n<p>It adds that around two-thirds of Shiba Inu\u2019s trading volume has been occurring in decentralized trading platforms, \u00a0and only 13% has been occurring on centralized exchanges like Coinbase, Binance, and BKEX. BKEX is a little-known exchange started in China, a country in which interest for the cryptocurrency has been surging, despite the country\u2019s all-out crypto ban.<\/p>\n<p>As CryptoGlobe reported, a recent study has shown SHIB is the third-most Googled cryptocurrency so far this year, receiving an average of 2.8 million searches per month, while bitcoin received 22 million average monthly searches. In second place came Ethereum, with 6.3 million average searches per month.<\/p>\n<p><strong>DISCLAIMER<\/strong><\/p>\n<p><em>The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.<\/em><\/p>\n<p><strong>IMAGE CREDIT<\/strong><\/p>\n<p><em>Featured image via\u00a0<\/em><em>Unsplash<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cryptoglobe.com\/latest\/2021\/10\/sophisticated-crypto-traders-helped-fuel-shiba-inus-shib-rally-data-suggests\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sophisticated cryptocurrency traders have reportedly backed Shiba<\/p>\n","protected":false},"author":3,"featured_media":143063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sophisticated Crypto Traders Helped Fuel Shiba Inu&#039;s ($SHIB) Rally, Data Suggests - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/altcoins\/sophisticated-crypto-traders-helped-fuel-shiba-inus-shib-rally-data-suggests\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sophisticated Crypto Traders Helped Fuel Shiba Inu&#039;s ($SHIB) Rally, Data Suggests - 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