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SHIB Accumulation by Top Holders Drives Up 24-Hour Trading Volumes by 880%: Details

Thu, 03/10/2022 - 11:58
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Tomiwabold Olajide
24-hour trading volumes spike 880% as SHIB accumulation by top holders continues: details
SHIB Accumulation by Top Holders Drives Up 24-Hour Trading Volumes by 880%: Details
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WhaleStats' analysis of the top 100 Shiba Inu holders reports that the 24-hour trading volume for this category of addresses has spiked by nearly 880%. Also, per IntoTheBlock data, Shiba Inu whales have become more active over the last 24 hours as the number of large transactions rose by 82%.

Top 100 Shiba Inu Holders, Courtesy: WhaleStats

Spikes in large transactions often point to high activity among institutional players, or whales, who are either buying or selling.

Shiba Inu briefly clinched the top traded tokens among whales before relinquishing this spot to ENS at the time of publication.

The top 100 Shiba Inu holders have likewise increased their portfolios, as WhaleStats reports a 178.87% rise in the average SHIB balance of this category of investor. The average SHIB value of their portfolio has also grown by 180.48%. Both volume and active addresses have grown by 880% and 18.18% over the last 24 hours, demonstrating healthy metrics.

Shib adoption grows

According to U.Today, since reaching one million holders at the end of 2021, Shiba Inu (SHIB) has gained around 200,000 new holders since the beginning of 2022, and the meme token's acceptance is continually growing.

Shiba Inu Türkiye had a face-to-face session with representatives from the Turkish parliament, chaired by Mustafa Elitaş, during which SHIB ecosystem adoption was addressed, according to a tweet by lead Shiba Inu developer Shytoshi Kusama on March 9.

SHIB has had a great start to the year, with a slew of collaborations and listings. Binance, a well-known cryptocurrency trading platform, has today launched a new giveaway of $100,000 worth of Shiba Inu tokens to new customers. The American mattress retailer "Beds To Go" has also announced accepting Shiba Inu for payments.

At press time, Shiba Inu was trading at $0.0000228, down 6.10% in the last 24 hours per CoinMarketCap data.

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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.