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

Wed, 02/09/2022 - 10:47
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Arman Shirinyan
Shiba Inu returns to first place among whales
Shiba Inu Once Again Becomes Largest Holding on Whale Addresses, First Time Since January
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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.

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.

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.

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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.