SHIB Whales Buy $300 Million Worth of Tokens in Last 24 Hours

Shiba Inu whales are not willing to lose the battle with FTX tokens, as the two assets constantly battle for the biggest holding among the biggest wallets on the Ethereum chain.

U.Today has previously covered the standoff between the two assets, in which FTX earned first place after Shiba Inu lost approximately $150 million of capitalization among the largest addresses on the Ethereum chain. On Jan. 4, Shiba Inu's holdings on whale-tier addresses were valued at approximately $1.4 billion. As of Jan. 5, holdings are being valued at $1.7 billion.

The $300 million increase in the value of whale holdings might be tied to both price increases on Shiba Inu and the large purchase of tokens from whales. As for the price increase, Shiba Inu is currently trading with a 1.2% profit, which is nowhere near the $300 million value increase. 

Additional market metrics like the volume, the number of active addresses and the net flow do not seem to show any positivity, with market volume currently staying at $3.7 million and showing a 86% decrease.

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Shiba Inu's market performance is also not showing any signs of recovery or any implications of a trend change, with the asset moving with a record low daily volatility in the last seven days. SHIB's price is currently staying at the same level as it was back in December.

Shiba Inu is currently trading at $0.000032 after losing 14% of its value since reaching the local peak on Dec. 28. The token currently reaches the most recent bottom of $0.000029.