Whales Prefer This Meme Coin Again: How Does It Affect The Price?

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ETH whales are back to hoarding Shiba Inu (SHIB), driving the price of the meme token as high as $0.0004. Earlier today, an ETH whale bought around 54 billion SHIB for $2 million earlier today, raising the value of the meme cryptocurrency, according to data from whale watching platform WhaleStats. Unable to sustain this rise for long, the Shiba Inu is trading sideways at the time of writing, trading at $0.000037 with a market cap of $20.7 billion.

However, such large purchases of Shiba Inu in millions of dollars are nothing new for ETH whales. Whale accumulation seems to play a major role in Shiba Inu’s rise from December 20 lows of $0.00002820, and after massive whale accumulation, Shiba Inu remains at the top of ETH whales’ assets list as the largest token position by dollar value. .

According to CoinGape’s report earlier this week, Dogecoin rival saw a phenomenal 10 percent increase in just 24 hours after an ETH Whale added 4 trillion SHIB, or $136 million, to its holdings. With this increase, SHIB managed to surpass Ethereum, which experienced a 5.7 percent increase and Bitcoin (BTC), which experienced a 6 percent increase in the same time frame. According to data from WhaleStats, Shiba Inu is the most traded token among the top 1000 ETH wallets and the largest hodling of whales.

Shiba Inu Domination

The Shiba Inu branded social media dominance after being announced as the “most mentioned hashtag in 72 hours” earlier this month. In addition, as previously stated by KoinFinans; The meme cryptocurrency, experiencing a giant listing frenzy, was also listed on Australia’s longest-running crypto exchange CoinJar, adding another exchange to its long list of achievements. The company described this listing as “inevitable” given the token’s undeniable popularity:

“In retrospect, this was inevitable. SHIB now this [platformda] – and we are also adding 6 more tokens to the CoinJar series… Starting today you can buy, sell, send and trade Shiba Inu (SHIB) using your CoinJar Wallet. With the CoinJar Card, you can even use SHIB for last-minute Christmas shopping, which at least gives you something to chat about at the family table.”

Shiba Inu Price Action

The Shiba Inu surged from the lows of $0.00002820 reached on Dec. 20 to highs of $0.000040 before experiencing a slight pullback to where it was trading at $0.000037 today. Despite all this, the Shiba Inu is still around 60 percent below its all-time high.

The Shiba Inu network is growing by welcoming more than 85,293 new users after hitting one million a little over a month ago, bringing the number of existing holders to 1,085,293.

The increased number of users may not have an immediate impact on a coin or token in terms of market price, but in terms of fundamental growth, the number of holders is an important determinant of the future of the asset.

Shiba Inu remains the 13th most valuable cryptocurrency by market cap, with a valuation of $20.7 billion, according to CoinMarketCap.

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.


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