Shiba Inu is a cryptocurrency token that has gained popularity due to its status as a "meme coin."
The cryptocurrency has experienced a 4% increase in value over the past 24 hours, becoming the top traded token among the top 100 Ethereum whales.
According to Whale Alert, a cryptocurrency tracking service that regularly tweets details of large crypto transactions, an unidentified wallet transferred over 3.3 trillion Shiba Inu to a new wallet around 20 hours ago.
Ethereum Whales Trade SHIB Actively
Among the 100 most giant Ethereum whales today, Shiba Inu has been the most actively traded coin, according to crypto whale tracker WhaleStats.
Currently, the top 500 ETH whales hold a massive $579 million stack of SHIB, which is also the favorite token of top ETH whales.
It is clear from these whales' significant holdings of Shiba Inu that they are bullish about this asset right now. However, despite this, they still have different holdings than they did a year ago when they held over $1 billion of SHIB.
In light of the crypto's recent strength, it has improved its position on the list of the top cryptos by market capitalization to 13th now, surpassing Litecoin in its ranking.
Another 4% Gain For Shiba Inu In 24 Hours
As of right now, the dog-themed meme coin has returned more than 41% year-to-date in 2023. However, this rally is far from over, as the coin has continued to gain despite a recent pullback.
A Shiba Inu trades at around $0.00001147, up 4% for the day.
This year has seen strong upward momentum for the crypto token. However, SHIB has retraced back after struggling against some resistance just above $0.00001300 a couple of days ago.
As a result, the coin has not continued to decline but has instead been climbing upward since the pullback ended. Over the past week, asset holders have still gained more than 20% due to this strength. As a comparison, Dogecoin, Shiba Inu's biggest rival, has only gained 2% over the past week.
It has gained almost 40% over the last month in terms of returns. However, over the past 30 days, DOGE has only risen 13%, which is very far behind SHIB.
However, why have Shiba Inu's performed so well in recent years? Many reasons contribute to this, including developments related to Shibarium's upcoming upgrade. One of the possible factors is whale activity.
Additionally, the coin's status as a "meme coin" may have contributed to its popularity and resulting price increase. However, it's important to note that the cryptocurrency market is highly speculative and can be subject to rapid fluctuations, so it's difficult to predict future price movements with certainty.
Binance Moved Over 12 Trillion SHIB
Binance has recently moved 12.6 trillion SHIB tokens. This enormous transfer of cryptocurrency is standard for crypto exchanges, as they often move these sums internally or as part of staking activities among each other.
However, it's also possible that large holders (whales) of the coin are redistributing their holdings. For example, Binance, a major trading platform as many know, transferred 4,000,000,000,000 Shiba Inu to the ShibaSwap DEX for staking, which was worth over $36.2 million. Additionally, they also un-staked a more considerable amount, 12,661,395,600,288 SHIB coins, and later re-staked 4 trillion of those coins.
Shiba Inu Token Emerges As The Most Traded Asset
WhaleStats, an on-chain data tracker that focuses on specific chains, tokens, and wallets, has reported that Shiba Inu has yet again emerged as the most-traded crypto asset for the top 100 largest holders (whales) present on the Ethereum blockchain.
Currently, SHIB is also the 10th largest coin by trading volume and is a popular purchase among these whales. However, it ranks last on the list of their top 10 holdings. Overall, most giant Ethereum whales hold $50,794,729 worth of SHIB Inu tokens in their wallets, representing 2.24% of their total crypto holdings’ portfolio.
What’s Ahead For Shiba
It is difficult to predict the future of any cryptocurrency, including Shiba Inu, with certainty. The cryptocurrency market is highly speculative and can be subject to rapid fluctuations, so the value and popularity of a coin can change quickly.
Additionally, the future of Shiba Inu specifically may be influenced by various factors such as the development of the token and its ecosystem, regulatory changes, and overall market sentiment. It's always essential to conduct your own research and consider your own risk tolerance before investing in any cryptocurrency.