As the short-term rally continues, large wallets grab more Shiba Inu
According to WhaleStats, the average balance of Shiba Inu among the largest wallets has doubled, which shows that whales have not lost interest in this coin.
SHIB/USD 4-hour chart | Source: TradingView
Shiba Inu whales’ holdings show a 103% increase in the last 24 hours
The increased average balance is most likely tied to both the crypto and altcoin market recovery and the release of additional Metaverse insights. But even before the massive release, whales were actively buying SHIB.
As previously reported by U.Today, whales recently purchased over 470 billion Shiba Inu tokens worth around $10 million. Such massive buying events have allowed Shiba Inu to hit the first place as the second-largest holder among $1.2 billion worth of Ethereum whales.
But despite the market recovery and more favorable investment conditions, the total value held by Shiba Inu on whale addresses has remained flat since last year. At press time, SHIB prices are still at March 1, well below December or even January levels.
Such a drastic drop in the value of the meme coin has resulted in a significant drop in profits and a decrease in demand in the market. Since 2021, the total whale holdings have decreased from $1.8 billion to about $1.1-1.4 billion.
But thanks to the most recent rally in the crypto market, Shiba Inu has grown by about 30% in value. Its returns have skyrocketed to 45%, indicating that almost half of the market is profiting from the asset.
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