Advertisement
AD

Main navigation

Shiba Inu Once Again Becomes Largest Holding on Whale Addresses, First Time Since January

Advertisement
Wed, 9/02/2022 - 10:47
Shiba Inu Once Again Becomes Largest Holding on Whale Addresses, First Time Since January
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Shiba Inu once again regained its throne as the biggest holding on whale-tier addresses, now with $1.7 billion worth of tokens being held by investors on the Ethereum network.

Advertisement

The sudden spike in the popularity of Shiba Inu was followed by the strong recovery of the meme-token following the rebound of the altcoin market. Shiba Inu has gained approximately 50% of its value since the local bottom reached on Feb. 3.

Whalestats Data
Source: WhaleStats

At the local peak, the price of the token reached $0.000035 but then swiftly retraced down to $0.000029, dropping below the long-awaited $0.00003 zone. Though the spike in price has not led the token to new highs, traders were still able to withhold the selling pressure and keep the asset above $0.00003.

While retail traders have once again drawn their attention to the token, whales have also decided to accumulate more tokens while it trades at a relatively large discount. As U.Today has previously reported, another Shiba Inu whale has emerged on the network by purchasing 3.4 trillion SHIB, worth more than $115 million.

Related
New Shiba Inu Whale Emerges, Here's How Much SHIB They Hold

While Shiba Inu regained its throne yesterday with $1.8 billion held by whales, the value of holdings has decreased to $1.7 billion due to market fluctuations. Previously, numerous indicators hinted at the potential overheat of the market with a large number of short positions being opened with no fundamental reasons for it.

According to open interest data, the majority of traders are still betting on the continuation of a bear trend despite Bitcoin's recovery to $45,000 and the rebound of the altcoin market in general.

At press time, Shiba Inu is trading at $0.00031 and showing 0.45% of daily growth while losing 15% of its value yesterday.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

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

Popular articles

Advertisement
AD