As the short-term rally continues, large wallets grab more Shiba Inu
According to data provided by market and wallet tracking service WhaleStats, Shiba Inu’s average balance among the largest wallets has doubled, indicating that whales aren’t losing interest in the memetoken.
The increased average balance is most likely tied to both the recovery of the cryptocurrency and altcoin markets and the release of additional details about the Metaverse. But even before the loud release, whales were actively buying SHIB.
As U.Today previously reported, Whales recently purchased over 470 billion Shiba Inu tokens worth around $10 million. These large buying events have resulted in Shiba Inu reaching the top spot as the second largest holding among Ethereum whales worth $1.2 billion.
But despite the recovery of the market and more pleasurable investment conditions, the total value of Shiba Inu holdings on whale addresses have not increased since last year. At press time, the SHIB price remains at March 1 levels, which are still below December or even January levels.
Such a drop in the value of the same currency has led to a significant drop in profitability and a drop in demand in the market. Since 2021, total whale stocks have fallen from $1.8 billion to a range of $1.1-1.4 billion.
But thanks to the most recent rally on the crypto market, Shiba Inu has gained around 30% to its value, and its profitability spiked to 45%, showing that almost half of the market is in profit from the dog-themed digital asset.
