24-hour trading volumes spike 880% as SHIB accumulation by top holders continues: details
WhaleStats’ analysis of the top 100 Shiba Inu holders reports that 24-hour trading volume for this address category increased by almost 880%. Additionally, according to data from IntoTheBlock, Shiba Inu whales have become more active over the past 24 hours, with the number of large transactions increasing by 82%.
Spikes in large transactions often point to high activity among institutional players, or whales, who are either buying or selling.
Shiba Inu briefly snagged the most traded tokens among whales before ceding that spot to ENS at press time.
The top 100 Shiba Inu holders have likewise increased their portfolios, as WhaleStats reports a 178.87% rise in the average SHIB balance of this category of investor. The average SHIB value of their portfolio has also grown by 180.48%. Both volume and active addresses have grown by 880% and 18.18% over the last 24 hours, demonstrating healthy metrics.
Shib Adoption Grows
According to U.Today, since hitting one million holders at the end of 2021, Shiba Inu (SHIB) has gained approximately 200,000 new holders since the start of 2022, and acceptance of the meme token continues to grow.
Shiba Inu Türkiye had a face-to-face session with representatives from the Turkish parliament, chaired by Mustafa Elitaş, during which SHIB ecosystem adoption was addressed, according to a tweet by lead Shiba Inu developer Shytoshi Kusama on March 9.
SHIB had an excellent start to the year, with a multitude of collaborations and listings. Binance, a well-known cryptocurrency trading platform, launched a new giveaway of $100,000 Shiba Inu tokens to new customers today. American mattress retailer “Beds To Go” has also announced that it accepts Shiba Inu for payments.
At press time, Shiba Inu was trading at $0.0000228, down 6.10% in the last 24 hours per CoinMarketCap data.
