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Trading Volumes Spike Above 317% as Shiba Inu Whales Increase Activity

Fri, 05/06/2022 - 12:25
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Tomiwabold Olajide
Shiba Inu whales seem to be more active over the last 24 hours
Trading Volumes Spike Above 317% as Shiba Inu Whales Increase Activity
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WhaleStats' analysis of the top 100 Shiba Inu holders reports that the 24-hour trading volume for this category of addresses has risen above 317%. Active addresses among this category of holders have increased by 40%.

WhaleStats
Analysis of Top 100 Shiba Inu Holders, Courtesy: WhaleStats

Also, per IntoTheBlock data, Shiba Inu whales (Large Holders) seem to be more active over the last 24 hours as the number of large transactions rose by 24%. Large transactions are those in which more than $100,000 were moved, and an increase may signify great activity among institutional players, or whales, who are either buying or selling.

Shiba Inu has once again become the biggest token position for the top 100 ETH whales in terms of USD value, according to WhaleStats data.

Shiba Inu (SHIB) remains the top holding among the top 2,000 ETH whales. These top wallets currently hold $1,210,850,345 worth of SHIB. SHIB was trading down like the rest of the market amid the latest widespread declines. At the time of publication, SHIB was changing hands at $0.000020, down 6.48% in the last 24 hours per CoinMarketCap data.

David Gokhshtein, the founder of Gokhshtein Media and former U.S. congressional candidate, believes that Shiba Inu has a great model. He, however, feels that the next 12 months might be key for Shiba Inu.

Shiba Inu's recent developments

Top crypto exchange Binance recently announced adding a new Shiba Inu trading pair, SHIB/GBP. In response to the community's feedback, the Shiba Inu team recently disclosed that land can now be purchased with the Shiba Inu token in SHIB: The Metaverse, while sharing the details of minting land with SHIB.

Also, Shiba Inu has gained new holders this week. According to WhaleStats, the total number of SHIB holders is presently 1,144,895. Although an increase in holders may not have an immediate impact on the price, it may signify interest in an asset over time.

According to reports, more than 25 billion SHIB tokens have been burned in the first week of the SHIB burn portal's operation. By moving SHIB tokens to a burn address, users can permanently remove them from the circulating supply. In this way, it is feasible to make the token a little more scarce, potentially increasing its value.

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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.