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Large Shiba Inu Investors Continue to Accumulate Despite Price Correction

Fri, 12/17/2021 - 14:14
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Tomiwabold Olajide
Shiba Inu remains on whales' radar despite flat price action
Large Shiba Inu Investors Continue to Accumulate Despite Price Correction
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As indicated by WhaleStats data, Shiba Inu remains on whales' radar despite its price action. Shiba Inu is currently down 5.97% in the last 24 hours at the present price of $0.00003215, according to CoinGecko data.

The majority of cryptocurrencies are losing value today as investors ruminate on the latest reports surrounding Russia's crypto ban.

The metrics supplied by whale surveillance website WhaleStats suggest that SHIB whales are taking advantage of present market conditions to accumulate the token at a discount.

According to WhaleStats, Shiba Inu ranks among the top 10 purchased tokens in the last 24 hours and the biggest token position in dollars. Shiba Inu also ranked second in the top 10 holdings by whales.

Shiba Inu price action

At its present price, SHIB is down by more than 60% from its all-time high of $0.00008616 achieved in October. Despite this, SHIB has seen immense growth in 2021, up 56,342,400% from its all-time lows, according to CoinGecko data.

SHIB's circulating supply stands at 549,060.24 billion. A gradual burn permanently removes tokens from the circulating supply, reducing the total number of SHIB coins in circulation.

According to burn tracker ShibBurn, 410,298,915,831,867 has been burned out of the initial quadrillion supply. A gradual coin burn, along with the SHIB gaming development plans, might aid the SHIB price in the medium term.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

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