Shiba Inu Records More Than 100% Increase in Active Whale Addresses and Volume Despite Dip

As per WhaleStats analysis, Shiba Inu has seen a near 100% increase in active whale addresses and volume. Shiba Inu follows the general crypto market trend and dips 7% at $0.0000367. The entire crypto market is trading down in the last 24 hours, with Bitcoin and nearly all altcoins losing value.

WhaleStats has analyzed data from the 100 top SHIB holders among the top 1,000 ETH wallets it tracks, offering the results to the public on Twitter.

In the last 24 hours, the average SHIB balance held by these large entities has increased by 2.37% to 2.635 billion, and the active addresses have grown by a whopping 100% to 14, while the volume has likewise increased by nearly 90% to $17,517,915 as of press time.

Shiba Inu large transaction spike

WhaleStats analysis indicates that Shiba Inu remains the biggest token position by dollar value among ETH whales and the second-largest holding after Ethereum. The Shiba Inu holder count continues to increase and is presently at 1,097,907, according to WhaleStats data.

IntoTheBlock analysis detects an increase of 10% for large Shiba Inu transactions. IntoTheBlock considers large transactions those that are greater than $100,000 transferred.

Amid the price dip, major support is envisaged first at the $0.000035 to $0.000036 levels, where 49,370 addresses have bought 13.269 billion SHIB tokens, according to IntoTheBlock's In/Out of Money. Another support might be at the $0.000031 to $0.000032 level, where 37,300 addresses have bought 4.47 billion SHIB tokens.

Shiba Inu ranks 13th largest and trades at $0.0000362 at press time.