The global crypto market has dropped more than 3.30% in the last 24 hours. In this drop, the biggest meme tokens also took a hit. On the other hand, trading volumes of Shiba Inu (SHIB) whales increased by 511% as the largest holders repositioned. Meanwhile, the largest of the Ethereum whales did not miss the opportunity to “buy on the dive”.
Record increase in SHIB trade volume
WhaleStats’ analysis of the 100 largest Shiba Inu (SHIB) holders shows a massive 511% increase in transaction volumes over the past 24 hours. Likewise, the average SHIB balance and value of holders in this category increased by 26.58% and 24.18%, respectively.
Top 100 SHIB holder analysis / Source: WhaleStatsWhaleStats reported a 70% increase in active addresses as crypto whales interact with billions of Shiba Inu. Therefore, the increase in trading volumes comes right after the increased activity. In the menu preferred by whales, stablecoins are at the top of the list, apart from ETH. SHIB is in 6th place. It is followed by MATIC, UMA and GTC.
https://twitter.com/WhaleStats/status/1556997619045498880
Also, SHIB is currently facing buying pressure from whales. It is among the 10 most purchased tokens among the 2,000 largest ETH whales in the last 24 hours. Whales often use dives to stock up on their preferred cryptocurrency at a discount. According to experts, this is still the simplest justification for Ethereum whales buying SHIB.
Additionally, the prospect of wider adoption and upcoming launches may play a role. As you follow on Kriptokoin.com, Shiba Inu has announced its historic alliance with The Third Floor (TTF) for the construction of its Metaverse. This is why Ethereum whales are likely to be bullish about this potential, experts say. Also, IntoTheBlock reports a 142% increase in large addresses. That means over $100,000.
Shiba Inu’s use case rises among whales
WhaleStats reported that SHIB was among the most used altcoins among the 2,000 largest ETH whales in the past 24 hours. This indicates that the benefit of the Shiba Inu is increasing among whales. As reported by WhaleStats, the top 500 ETH wallets currently hold $652,266,930 worth of SHIB.
In the past 24 hours, there have been a total of 40,797,038 $SHIB tokens burned and 9 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) August 9, 2022
Meanwhile, SHIBburn Twitter accounts reported that 40,797,038 SHIB tokens had been burned in nine transactions in the past 24 hours.
Shiba Inu whale buys wildly
According to Whalestats, an ETH whale named ‘BlueWhale0113’ has purchased more than 321.28 billion SHIB in a single transaction. This operation cost the whale about $3.72 million. The whale wallet currently still holds $2.49 million worth of SHIB tokens. This constitutes approximately 7.45% of its total holding. Meanwhile, Polygon (MATIC) is the largest whale-held token. It constitutes approximately 11.49% of the total holding.
The price of Shina Inu has dropped more than 4% in the last 24 hours. SHIB is trading at an average price of $0.000012 at press time. It is still the second largest meme token with a market cap of over $6.6 billion. WhaleStats reports that the largest of the 500 ETH whales owns more than $652 million in Shiba Inu tokens. However, SHIB is the largest token held by the top 100 Ethereum whales. They have over $510 million worth of Shiba Inu.
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