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Shiba Inu Soars 25%, Starts Trading on Kraken, Reaches $2.3 Billion Held on Whale Addresses: Shiba Inu News Digest by U.Today

Wed, 12/01/2021 - 14:42
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Valeria Blokhina
Don’t miss the latest updates on Shiba Inu’s achievements!
Shiba Inu Soars 25%, Starts Trading on Kraken, Reaches $2.3 Billion Held on Whale Addresses: Shiba Inu News Digest by U.Today
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From the very start of this week, Shiba Inu has been astonishing its supporters with many victories on the cryptocurrency market. U.Today gives you an opportunity to take a closer look at what is going on with the “Dogecoin killer” and presents you with a summary of the top four news stories devoted to Shiba Inu.

Shiba Inu price soars as whale buys 25 billion SHIB tokens

Shiba Inu fans were pleasantly surprised by their beloved coin’s performance on the crypto market one day ago as the price of SHIB demonstrated a 25% rise. This made the meme token surpass Avalanche’s AVAX and pushed it closer to flipping its rival, Dogecoin, once again. The price movement was caused by Kraken adding support for Shiba Inu on Monday and a purchase of a whopping 24.8 billion SHIB by a mysterious whale nicknamed “Gimli.”

Shiba Inu starts trading on Kraken

Yesterday, Kraken cryptocurrency exchange announced the start of trading Shiba Inu. This followed opening deposits for the meme-crypto on Monday. From now on, Kraken’s users can trade Shiba Inu against the U.S. dollar and the euro. However, they will not be able to buy a small number of tokens since the minimum order size has been set at 50,000 SHIB ($2.45). Kraken is yet to introduce margin trading for Shiba Inu.

Dutch Millionaire Is Bullish on Shiba Inu and Dogecoin

Shiba Inu reaches $2.3 billion held on whale addresses

After the amount of Shiba Inu tokens held by whales reached $1.8 billion, the canine coin has broken a new record, with the same value reaching an astonishing $2.3 billion. This happened after Shiba Inu whales decided to support private traders following a 35% rally on the market. According to WhaleStats, the amount of coins they have purchased exceeded $300 million.

Shiba Inu trading volume spikes to $3.6 billion

According to the on-chain data, the trading volume of the Shiba Inu cryptocurrency has drastically increased to $3.6 billion. This happened due to Shiba Inu's price spike followed by strong interest from whale-tier wallets. At the moment, whales are recovering their previous holdings and own approximately $2.3 billion worth of tokens. Part of Shiba Inu's whale holdings have increased dramatically since its previous ATH. On-chain data suggests that short-term traders have not yet entered the market, which means that whales are still in control of the current trend.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.