According to CoinMarketCap, in the past 24 hours, the trading volume of the second biggest meme coin Shiba Inu has surged by over 220%. Trading volume refers to the total volume of coins exchanged between buyers and sellers.
The price has been going up too, jumping by more than 6% during the same period of time.
According to data shared by WhaleStats wallet tracker, recently and in the past 24 hours in particular, the activity of the 100 largest wallets on Ethereum with the SHIB token increased as whales have been mostly buying more of these meme coins.
Whales have been scooping up massive amounts of Shiba Inu. The list shows that these SHIB chunks were worth $28,276,518; $17,603,756; $6,374,148 and then dropped to slightly above $2,000,000.
A massive amount of SHIB has also been burned in the past week. During the past seven days, the SHIB army managed to remove around half a billion Shiba Inu from the circulating supply.
At press time, the popular canine cryptocurrency is sitting at $0.000008898, according to CoinMarketCap data.