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Sophisticated cryptocurrency traders have reportedly backed Shiba Inu’s ($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.
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’s 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.
The report notes that addresses labeled as “smart money” 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.
Addresses labeled “smart money,” 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.
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.
It adds that around two-thirds of Shiba Inu’s trading volume has been occurring in decentralized trading platforms, and 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’s all-out crypto ban.
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.