The past few months for SHIB meme tokens in the crypto markets have been pleasant, with the increasing amount of whale action. The Ethereum-powered token has risen to become the biggest asset in USD, accompanied by increasing buying pressure and transactions.
According to WhaleStat, whale activity, active addresses, and transaction rate on the SHIB network is the highest among other meme token powered by ETH. With the increasing amount of addresses and holding, SHIB may get to displace Polkadot (DOT) on the market’s cap ranking.
Ethereum Whales Purchase 383.7 Billion SHIB
The amount of SHIB holding by ETH whales has surged in the past 24 hours, following another considerable purchase. According to a report from a crypto whales platform, WhaleStat, an ETH whale, bought Shiba Inu meme tokens worth $5.1 million overnight.
Before the purchase on Friday night, the total ETH whales SHIB holding was worth over $158.5 million. The purchase soared the amount of SHIB holding by ETH whales, amounting to over $160 million. WhaleStat report Ethereum whales’ wallets are holding over 380 billion Shiba Inu.
The purchase of SHIB has concerned crypto enthusiasts as the whale’s actions seem unpredictable. ETH whales keep holding the meme token despite shrinking market price declines. Although, there are predictions that the purchase may be a short holding, as the whales may intend to sell out after a little bull.
WhaleStat report shows that the whale action and transaction on Shiba Inu meme token had increased massively. This massive increase has gotten SHIB on the list of the top 10 most purchased cryptocurrencies by ETH investors.
SHIB Whales Wallet Shrinking, Despite Large Holdings
Despite the increasing activity and holding of the token, SHIB market price performance has performed mid in the markets. SHIB’s price has dropped significantly in the past few days losing all its recent gains.
The most significant whale-holding token in USD, the SHIB price has been dropping since the 15th of August. The gradual price drop has caused the token to lose its gain during its short-term 38% bull rally.
SHIB’s whales, investors, and buyers’ wallet seems to be decreasing/shrinking gradually. During the last seven days, over $33 million of SHIB was sold by holders, probably to prevent more shrinking and loss.
According to CoinMarketCap, Shiba Inu trades at $0.00001328 in the markets, with a 1.2% increase in the past 24 hours. The next move of the token seems highly unpredictable; traders and short-term holders should be on alert.
SHIB meme token is officially the second biggest/canine meme coin in the cryptocurrency market. If whale activity continues on the token network, SHIB could displace DOT to rank 11th on the markets cap list.