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Shiba Inu Comes Closer to Becoming Biggest Holding on Whale Addresses After 16% Price Increase

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Sun, 01/23/2022 - 14:41
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Arman Shirinyan
Shiba Inu is trying to regain its lawful place
Shiba Inu Comes Closer to Becoming Biggest Holding on Whale Addresses After 16% Price Increase
Cover image via stock.adobe.com

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Despite the questionable performance on the market in the last few weeks of the year, Shiba Inu was able to come back from the deep correction with a 16% price increase that put it extremely close to first place among the biggest holdings in the 1,000 largest Ethereum addresses.

First place on the WhaleStats tracker is currently being held by FTT token with $1.5 billion concentrated in the wallets of whales. At the same time, approximately $1.2 billion worth of Shiba Inu token are being held by the largest Ethereum addresses.

WhaleStats Data
Source: WhaleStats

As for the token's market performance, Shiba Inu has been following the general trend on the cryptocurrency market by continuously updating local lows until now. While most cryptocurrencies on the market are showing murky reversal signs, SHIB has suddenly gone through a 16% price increase.

The jump in the value could be considered higher than average due to relatively low volatility on the asset after the major 60% correction from its ATH. Previously, the average daily volatility of Shiba Inu was at approximately 2%, which is an extremely low value compared to its price action back in October.

Whales' Shiba Inu interest

Despite the negative price action on Shiba Inu, whale-tier addresses have always been interested in the meme-based token as sudden buying power with volumes higher than $5 million constantly appeared on SHIB's way down.

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The most recent purchase was made by an anonymous whale back in December. An Ethereum whale has added four trillion SHIB tokens worth approximately $136 million.

At press time, Shiba Inu is trading at $0.000022 and is going through a 16% price increase, according to CoinMarketCap.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.