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Shiba Inu's Profitability Rises to 46% as Expectations for Future Announcements Increase

Wed, 03/30/2022 - 15:45
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Tomiwabold Olajide
Shiba Inu presently trades at $0.000027 after reaching highs of $0.0000296 on March 28
Shiba Inu's Profitability Rises to 46% as Expectations for Future Announcements Increase
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Per IntoTheBlock data, the profitability of the second-largest meme cryptocurrency, Shiba Inu (SHIB), has increased to 46% after dropping to as low as 35% earlier in March.

Shiba Inu Token Summary, Courtesy: IntoTheBlock

Shiba Inu presently trades at $0.000027 after reaching highs of $0.0000296 on March 28. SHIB has demonstrated growth over the past week, up 14%, per CoinMarketCap data.

As seen on the official SHIB Twitter handle, the Shiba Inu community, ''ShibArmy,'' is being teased with a major announcement slated for today. As the community continues to wonder what the update could be about, Shiba Inu whales are massively accumulating.

Anonymous whales purchased billions of Shiba Inu tokens amid its 30% run in March following a massive increase in the number of large transactions and positive price action. In the last 24 hours, over 621 billion SHIB have been grabbed by the top ETH whales, as blockchain data tracker WhaleStats reports four large SHIB transactions.

The first set of transactions reported was that by a whale named "Gimli," who bought 421,370,420,624 SHIB worth $11,313,795 in two transactions. The first transaction was of 150,000,000,000 SHIB, or $4,027,500 worth, before the second one of 271,370,420,624 SHIB, or $7,286,295 million.

Another whale, who purchased a smaller amount of Shiba Inu tokens, made one transaction worth $1,360,960, or 50,687,552,959.

The fourth large transaction reported by the blockchain data tracker is that of an ETH whale ranked 167th who bought 150,000,000,000 SHIB, or $4,053,000 worth.

Top 100 SHIB Holders, Courtesy: WhaleStats

The accumulation spree embarked on by top holders resulted in 24-hour trading volumes increasing by 523%.

WhaleStats' analysis of the top 100 Shiba Inu holders reports a 110% rise in the average SHIB balance of this category of investor. The average SHIB value of their portfolio has also grown by 127%. Netflow has likewise increased by over 826% over the last 24 hours.

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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.

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