Following the general cryptocurrency market recovery, memecoins like Shiba Inu and Dogecoin have faced a decent price recovery in line with on-chain and market metrics, including the Average Value on large addresses for Shiba Inu, provided by WhaleStats.
The Average Value metric tracks the average worth of holdings among Ethereum whales. Such a strong increase in the metric is not tied to the price action of the token but indicates that addresses have most likely purchased more tokens amid the recovery.
Shiba In successfully gained at least 25% to its value between Feb. 28 and March 1. The spike in the price of the asset is more likely tied to the general recovery of the market as no large-scale buying power has pushed Shiba Inu.
According to WhaleStats, the total value of Shiba Inu holdings has reached $1.52 billion while previously staying at approximately $1.3 billion. Such a large increase is more likely tied to a series of large purchases made by whales rather than retail buying volume.
The most highly valued whale holdings are still coming after FTX Token, FTT, with $1.6 billion worth of the asset held by whale addresses. Shiba Inu's price has to increase by at least 5% to reach first place.
But at press time, Shiba Inu is experiencing the same problems as the majority of assets on digital markets and loses around 6% of the previously gained value. According to CoinMarketCap, the cryptocurrency market has lost at least $100 billion from its total market capitalization.