One of the whales has burned a huge amount of SHIB. The total amount of all tokens removed from the market exceeded 26 million. Meanwhile, Santiment analysts share a list of the most undervalued assets. Among them, Shiba Inu.
The whale is getting rid of SHIB
A mysterious whale, whose SHIB portfolio is valued at 3.34 million in dollar terms, has burned a huge amount of tokens. As reported by the Shibburn platform, on Thursday, January 19, five independent operations were carried out to significantly reduce the supply of SHIB. Thus, as many as 26,046,094 SHIBs were deposited at the so-called ‘dead wallet’ address. One of the transactions is particularly noteworthy. Behind it is the aforementioned whale, which decided to deplete its holdings by 23,141,621 SHIB.
SHIB burning over the past three weeks has taken a significant turn for the worse. We have reported on the actions taken by the community on this issue in our recent articles. In the longer term, this type of operation could significantly affect the price of SHIB. This one, in turn, has recently reacted and recorded solid increases. We reported on their reasons in the material entitled: “Shiba Inu back on the uptrend – very important factors are behind it”. We invite you to read its contents.
Santiment identifies Shiba Inu as a token with upside potential
On Friday, January 20, specialists from the Santiment platform shared on Twitter the result of another of their expert opinions. The content of the message reads as follows:
“According to the MVRV Z-Score, which identifies overvalued and undervalued assets based on short- and long-term returns, the top caps fall into the following categories:
Undervalued: BTC, ETH, XRP, ADA, DOGE, MATIC, SHIB, UNI, LINK.”
Considering that the market is currently in a clear short-term and at the same time quite strong uptrend, the data seems surprising. For it turns out that many coins are clearly undervalued. Among them are as many as two memes, namely Dogecoin (DOGE) and Shiba Inu (SHIB).
Shiba Inu is struggling with resistance
At the time of this writing, SHIB is again under the key level of $0.000012. It seems that short-term traders are now in a profit-taking phase. Let’s note that SHIB has managed to rise 41.5% from the beginning of the year to now, and as it turns out, it still expresses a desire for more.