Whale Interest Increased in Meme Coin, whose Transaction Volume Soared by 250%!

Meme coins in the market have been active lately. Alongside the leading meme coin, Dogecoin, Shiba Inu also showed a notable increase. The thirteenth-ranked crypto-asset has gained 25% over the past week.

The recent rise in price has made the meme coin attractive to whales again. In the last 24 hours, the volume of Shiba Inu traded by the top 100 Ethereum whales has increased by about 295%.

Volume is often a double-edged sword as it indicates both buy and sell side trades. That said, Whale Alert has quite recently hit the top ten on SHIB’s list of purchased tokens among the top 100 whales. reported. Moreover, it is worth noting that the average SHIB balance of the 100 largest Ethereum whales has increased in the past day, indicating a preponderance of purchases.

Similarly, the top 500 Ethereum whales also seem to be interested in the Shiba Inu. One of WhaleStats’ tweets on Monday revealed that the large category of contributors in question collectively have more than $102.3 million in meme coin balances.

🐳 The top 500 #ETH whales are hodling

$102,359,302 $SHIB
$74,037,576 $LOCUS
$72,626,725 $MKR
$69,433,218 $BIT
$62,737,964 $UNI
$45,539,568 $LINK
$41,230,640 $MATIC
$38,080,136 $MANA

Whale leaderboard 👇https://t.co/tgYTpOmDm0 pic.twitter.com/Mx7N90NNdc

— WhaleStats (tracking crypto whales) (@WhaleStats) October 31, 2022

Besides that, whales also own DeFi tokens like Maker and Uniswap, worth $72.6 million and $62.7 million, respectively. Koinfinans.com As we reported, other top cryptos such as LINK, MATIC and MANA are also part of the investments of the top 500 Ethereum whales.

meme coin price

Besides, Shiba Inu recorded its biggest monthly gain in 2022 basis in February and closed the month with 20.33% increase. The Shiba Inu tried to show a similar increase in July and closed the month 13% higher. The meme coin may be on track to repeat a similar action given the recent price surge.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.