Demand for dog-based memetoken picks up as whales buy billions of SHIBs
Shiba Inu’s growth over the last week was a pleasant surprise for most of its holders. With more than $1.4 billion worth of tokens being held by large wallets, a slight price increase became the needed catalyst to create a $200 million demand.
Shopping frenzy
With SHIB showing positive performance in the cryptocurrency market, traders can now expect more results from the token which faced a 22% price spike. In addition to the positive sentiment among retail traders, Whales also started buying more SHIB than a week before.
According to WhaleStats data, whale-tier traders and investors have purchased approximately $200 million worth of tokens in less than a week. Total holdings are now worth more than $1.8 billion, which is approximately $300 million short of the previous ATH.
The buying frenzy started from an eight trillion Shiba Inu token purchase made by anonymous whales during the 8% price spike. Price action in the market could have been initiated with the “help” of the aforementioned whale.
After a major eight trillion Shib purchase, smaller whales have also joined the party with less significant but still big 34 billion Shib purchases made by a wallet that previously held 134 billion tokens.
Market reaction
With the rise in purchasing power and the overall recovery in sentiment in the cryptocurrency market, Shiba Inu continues to grow with a slight deceleration in price action. But while the market is indeed responding positively to the whale buying frenzy, overall asset volatility is far from October levels.
At press time, Shiba Inu is trading at $0.00003493 with 6.5% daily growth. The token is currently moving closer to Dec. 12 levels when the asset suddenly lost 12% of its value in one day.
