The crypto market is currently under selling pressure as the majority of crypto assets were posting significant losses at the time of writing. SHIB, however, has managed to cushion the selling effect slightly as it posts lesser losses in comparison to other major cryptocurrencies.
SHIB currently trades at $0.0000090, down 4.83% in the last 24 hours. For context, cryptocurrencies such as Dogecoin and Huobi Token were posting losses of 10% and 14%, respectively.
Despite the drop in price across the board, SHIB is demonstrating gains of 83% in its trading volume. A total of 22,857,082,256,756 SHIB worth $208,466,756 has been swapped in the last 24 hours, according to CoinMarketCap data.
JUST IN: $SHIB @Shibtoken now on top 10 by trading volume among 100 biggest #ETH whales in the last 24hrs 🐳— WhaleStats (tracking crypto whales) (@WhaleStats) November 27, 2022
We've also got $cbETH, $GTC, $PAXG & $SUSHI on the list 👀
Whale leaderboard: https://t.co/N5qqsCAH8j#SHIB #whalestats #babywhale #BBW pic.twitter.com/kVSwcZceCp
A spike in trading volume typically arises as traders buy or sell in large quantities to capture profits. In the last 24 hours, crypto data tracker WhaleStats has reported that SHIB also saw a massive spike in trading volumes, ranking among the top 10 assets by trading volume among the 100 biggest ETH whales.
Also, the number of large transactions on the Shiba Inu network is up 141% in the last 24 hours, per IntoTheBlock data. Large transactions as defined refer to those exceeding $100,000, and a spike in this might indicate that whales are buying or selling.
SHIB accumulation continues
SHIB rallied alongside rival cryptocurrency Dogecoin on Nov. 27, gaining nearly 5%. While the 24-hour gains have been erased, SHIB remains up 5% on the week.
The trend of "hodling" and accumulation can be seen as the top 100 ETH whales now hold 7.4 trillion SHIB in their portfolio.
Likewise, the current amount staked on ShibaSwap represents 27 trillion SHIB, or 27,088,201,445,825. The percentage of SHIB hodlers or long-term holders has risen to 54% in recent weeks.
Despite the current price declines, the SHIB burn rate is up 4,497% in the last 24 hours, with 50,567,740 SHIB burned.