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SHIB Purchases Continue as Meme Tokens Could Revolutionize Next Bull Run

Mon, 12/13/2021 - 10:46
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Tomiwabold Olajide
SHIB buying ongoing as meme tokens retain potential to revolutionize next bull run
SHIB Purchases Continue as Meme Tokens Could Revolutionize Next Bull Run
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According to WhaleStats data, SHIB is among the top 10 purchased tokens by the biggest 1,000 ETH wallets tracked by the whale-surveillance website. The majority of cryptocurrencies, including Shiba Inu, are consolidating in a range, awaiting the next bull run. Whales typically take advantage of times like this to accumulate their favorite tokens at a discount.

The most recent figures from WhaleStats, depicting the buying behaviors of the 1,000 largest non-exchange Ethereum wallets, show meme tokens Shiba Inu (SHIB) and Dogelon Mars (ELON) as two of the most purchased tokens in the last 24 hours.


Top 10 purchased tokens in 24 hours

This is causing some analysts to believe that investors' interest in meme tokens, which peaked this year, might as well continue into 2022. From CoinGecko data, SHIB is up a whopping 58,291,247% this year at a present price of $0.000034.

SHIB's adoption continues to grow as Flexa, a cryptocurrency payments company, has added support for Shiba Inu, which means that SHIB holders can now spend it at nearly 40,000 stores across the United States. The growing list of supported merchants includes GameStop, Nordstrom, Lowe's, Petco, Bed Bath & Beyond, Ulta Beauty and a host of others.

BitPay, the largest cryptocurrency payment company, also recently announced integrating Shiba Inu into its wallet app that allows storing, buying, swapping and spending cryptocurrencies.

SHIB price performance

An anticipated larger recovery across the top digital assets is seen to provide bullish signals to Shiba Inu. SHIB whales are also expanding their holdings as the SHIB price consolidates ahead of the next breakout, implying that significant entities will continue to accumulate.

With a 24-hour trading volume of $1,503,762,663, the Shiba Inu price is $0.000034 at press time. In the previous 24 hours, Shiba Inu has gained 1%, per CoinGecko data, indicating a slight rebound in the last 24 hours. It is trading with a live market cap of $18,933,178,740 and is currently ranked #13 on the data table. There are 549,151,287,422,909 SHIB coins in circulation.

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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.