Advertisement
AD

Main navigation

Shiba Inu Dominance Among Large Wallets Reaches 15% as Token's Price Spikes by 26%

Advertisement
Mon, 7/02/2022 - 10:05
Shiba Inu Dominance Among Large Wallets Reaches 15% as Token's Price Spikes by 26%
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The dominance of Shiba Inu whales on the Ethereum network has increased once again as the token jumped in price by 26%. According to WhaleStats, whales currently hold $1.5 billion worth of Shiba Inu in their wallets.

Advertisement

As U.Today has previously reported, large players on the network are continuously adding Shiba Inu to their balances. The accumulation has resulted in a 26% concentration of the supply in the hands of whales.

Related

According to data from TradingView, Shiba Inu's price has increased by 22% and reached $0.00002839 for the first time since Jan. 13. The sudden price increase was most likely the result of the global cryptocurrency and financial market recovery taking place after a strong correction.

Article image
Source: WhaleStats

SHIB has not been showing any positive market movements recently due to the absence of buying power from retail traders and a large concentration of the supply in the hands of mid-term holders who are constantly taking profits even after the slightest recovery.

Shiba Inu team builds fundamental value

While SHIB's performance left the majority of traders in losses, the team behind the token was focused on building the fundamental value of the token by launching numerous use cases in January.

According to the most recent announcement from the Shiba Inu team, the public testnet of Shiba Inu Layer 2 solution is about to launch. Before that, the opening of Shiba Inu's own fast food chain was announced in Italy.

Related

The fast food restaurant called Welly's has rebranded its restaurant completely and made the Shiba Inu dog its new mascot, adopting a new tagline that refers to the creator of the token, Ryoshi.

At press time, Shiba Inu is trading at $0.000027 and shows negative 24-hour performance by losing 2.8% of its value.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD