While the cryptocurrency market is still recovering, Shiba Inu is comparatively doing well
Shiba Inu, the cryptocurrency that started as a joke, is now rocking decentralized finance. From being an unfamiliar memecoin to becoming a major competitor for Dogecoin, SHIB has come a long way. However, the recent advancements in Shiba Inu are more impressive than ever before. Many crypto whales, including Ethereum and Dogecoin big heads, are feasting on SHIB. While the cryptocurrency market is still recovering from the bear outbreak, Shiba Inu is comparatively doing well.
Since its inception in 2020, Shiba Inu has been under the spotlight for doing well in the market. The memecoin that represents itself as a ‘Dogecoin Killer’ actually became one in 2021. For a brief time, SHIB outperformed DOGE and even entered the top 10 cryptocurrency list. When SHIB recorded an all-time high in November last year, many investors reaped good benefits from that. However, besides the small investors, crypto whales play a big role in boosting the memecoin’s price. According to data, a whopping 7-.52% of SHIB’s circulation is controlled by eight whale accounts, of which one holds the biggest share- 41.03%. Recently, the whales’ interest in SHIB has further increased. Ethereum whales are constantly staking up their SHIB investments to yield a good profit when the cryptocurrency hit new highs. On the other hand, the burning events are also increasing in the Shiba Inu sphere to give an edge to the memecoin’s value.
Shiba Inu Whales Buy More SHIB Tokens
Over the past few days, Shiba Inu’s price has been on a constant hike. Although the cryptocurrency has recorded over a 67% fall from its all-time high, the recent 25% price surge seems to have stolen the stage. Owing to the increasing value of SHIB, many existing Shiba Inu whales are staking up their investment. Etherscan, a platform that tracks transactions made by large holders, unleashed that in the last few weeks, crypto whales have bought over 200,588,182,473 Shiba Inu tokens. However, this is not the first time the whale is gambling big-time on SHIB. In early April, the same person bought a much larger position of over 3.7 trillion tokens. Although the motive is unclear, recently, many investors are buying the memecoin just to burn it.
On the other hand, SHIB’s increasing partnerships with crypto exchanges and the expected launch of Shibarium are giving an edge to the token. Shibarium is anticipated to counter many underlying challenges of the existing network like lesser gas fees. Shiba Inu has also announced its debut in Metaverse recently.
The Many Times Ethereum Whales Chose SHIB
For a long time, Ethereum whales have been interested in Shiba Inu investment. The scenario has recently taken a steep upward path since SHIB emerged as the only crypto that was doing well in the market. Last December, an Ethereum whale bought 4 trillion SHIB tokens in a single transaction worth US$134 million. According to WhaleStats, which keeps a close eye on 1,000 richest Ethereum whales, Shiba Inu is the ‘most traded and biggest holding among the top 1,000 ETH wallets.
During the intense stage of the Russia-Ukraine fiasco, crypto whales were found moving their funds to SHIB. WhaleStats reported that back in the time, two major Ethereum whales have purchased 105.7 billion SHIB tokens.
From Dogecoin to Shiba Inu, the Whale Story
Similar to Shiba Inu, Dogecoin is also a memecoin that gets surprising buys and sells. Although it is hailed that DOGE has an honest community of followers who believe in cryptocurrency, the recent spike in SHIB is making them consider otherwise. According to experts, Dogecoin whales might also reconsider their DOGE investment and will look for ways to put it in SHIB.
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