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SHIB Whales Increase Value of Holdings by 27% as Shiba Inu Clinches Most Traded Token

Mon, 02/07/2022 - 12:35
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Tomiwabold Olajide
Shiba Inu clinches most traded token, increases value of SHIB whales' holdings by 27%
SHIB Whales Increase Value of Holdings by 27% as Shiba Inu Clinches Most Traded Token
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According to WhaleStats analysis, the top 100 Shiba Inu holders have seen the average value of their holdings increase by 27% after the SHIB price skyrocketed a great deal over the weekend. SHIB consequently reclaimed the most traded token, ranking among the top 10 purchased tokens by whales in the last 24 hours.

The price of SHIB drifted sideways for a while as investors and market participants awaited proof that markets were ready to shake off the negative effects of January. However, the price resumed an upward rise on Feb. 3 and has surged more than 45% since then.

Top 10 Purchased Tokens, Courtesy: WhaleStats

The price of Shiba Inu saw a significant spike over the weekend as whales, or large holders, added to their positions. In the last 24 hours, WhaleStats Analysis indicates an increase of 583% in 24-hour trading volume for Shiba Inu whales and a 55.56% increase in active addresses as metrics trickled into the positive zone.

U.Today earlier reported that crypto whales acquired a massive amount of Shiba Inu (SHIB) over the weekend. In four lump transactions recorded on Etherscan, a total of 63 billion SHIB tokens were amassed.

The first two transactions moved 6,114,330,557 SHIB and 1,087,650,366 SHIB. The other two stashes purchased and tracked by Etherscan both carried 28.041 billion meme tokens.

The purchase boosted prices from lows of $0.0000201 on Feb. 3 to intraday highs of $0.0000296 on Feb. 7. Prices have slightly retreated at press time but are still up 22.11% in the past 24 hours.

Shiba Inu overthrows MATIC in market capitalization

Shiba Inu (SHIB) has managed to stage an impressive comeback, gaining 72% since plunging to its multi-month low of $0.00001704. Presently, it is the 14th biggest coin by market capitalization after surpassing Polygon (MATIC), CoinMarketCap data shows. The canine cryptocurrency is currently trading at $0.00002773 on the Coinbase Exchange.

The Shiba Inu development team continues to strive for more ways to increase the SHIB utility. According to a recent Twitter update posted by Shibburn, more projects burning Shiba Inu tokens might be released soon. As a means to further SHIB acceptance and burn more tokens, Shiba Inu recently announced a partnership with an Italian fast food restaurant called Welly's.

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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.