Shiba Inu Network Continues To Show Signals Of Growth Even After 15% Retracement
Despite the failed recovery on the cryptocurrency market, Shiba Inu whales are continuing to stack more tokens in their wallets as the average SHIB balance on whale wallets increases by 28% and reaches 2.6 billion tokens.
Increase in average token balance
The increase in balances on whale-level addresses was noticed after retracements in the middle of the rally that brought SHIB investors 28% profit in four days. But due to the massive sell-off of larger cryptocurrencies like Ethereum and Bitcoin, the Shiba Inu rally ended, causing a 13% drop in two days.
During the recovery rally, whales have purchased more than $400 million worth of tokens, which is the reason behind the growth of the average token balance. As the asset retraced after recovering slightly, whales have continued to hold the token.
But as the SHIB value of whale farms stays the same and even increases slightly, the USD value of their funds drops by around $ 300 million, from $ 2 billion at the start of the week to $ 1.7 billion. dollars at time of publication.
Additional market data
In addition to the growth on balance sheets, the average Shiba Inu holding value on whale addresses has also increased by approximately 18%. Currently, the value of Shiba Inu holdings has almost reached $90 million.
The transaction volume on the aforementioned address reached $ 18 million in the past 24 hours. While most market indicators remain bullish, the net asset flow has fallen 167% in the past 24 hours, reaching $ 1.7 million.
As for the price of Shiba Inu, the asset currently trades at $0.000033 after reaching the local high of $0.000039. The overall volatility of the asset has not yet recovered or reached the levels of October or November. The average changeability remains at 5%.
