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Shiba Inu Whales' Trading Volumes Surge by 511% as Top Holders Reposition

Tue, 08/09/2022 - 14:55
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Tomiwabold Olajide
Shiba Inu currently facing buying pressure from whales
Shiba Inu Whales' Trading Volumes Surge by 511% as Top Holders Reposition
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WhaleStats analysis of the top 100 Shiba Inu holders indicates a massive 511% rise in trading volumes over the last 24 hours. Likewise, the average SHIB balance and value of this category of holders have increased by 26.58% and 24.18%, respectively.

Analysis of Top 100 Shiba Inu Holders, Courtesy: WhaleStats

The spike in trading volumes comes on the heels of increased activity as WhaleStats reports a 70% spike in active addresses as crypto whales interacted with billions of Shiba Inu.

Shiba Inu is currently facing buying pressure from whales, ranking among the top 10 most purchased tokens among the 2,000 biggest ETH whales in the last 24 hours.

As reported by the data tracker, ETH whale "BlueWhale0113," ranking 395th on the platform, has bought 312,285,225,685 SHIB, or $3,722,439 worth. Whales frequently use dips to stock up on their preferred coin at a discount. This is still the simplest justification for Ethereum whales purchasing Shiba Inu at lower rates. Shiba Inu was trading at $0.0000118 at the time of this writing, down by 5.95% over the previous day.

Additionally, the anticipation of wider adoption and impending launches may play a role. Shiba Inu just revealed its historic alliance with The Third Floor (TTF) for the construction of its Metaverse, so Ethereum whales may also be bullish about this potential.

IntoTheBlock reports a 142% increase in large addresses, which refers to those greater than $100,000.

Shiba Inu utility by whales on rise

Shiba Inu's utility has spiked among whales as WhaleStats reports that SHIB ranks among the most used smart contracts among the top 2,000 ETH whales in the last 24 hours.

As reported by WhaleStats, the top 500 ETH wallets are now holding $652,266,930 worth of SHIB.

On the other hand, the SHIB burn Twitter accounts reports over 40,797,038 SHIB tokens burned within the last 24 hours in nine transactions.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.