Shiba Inu currently facing buying pressure from whales
A WhaleStats analysis of the top 100 Shiba Inu holders indicates a massive 511% increase in trading volume over the past 24 hours. Similarly, the average SHIB balance and value of this category of holders have increased by 26.58% and 24.18%, respectively.
The spike in trading volumes comes on the heels of increased activity as WhaleStats reports a 70% spike in active addresses as crypto whales interacted with billions of Shiba Inu.
The Shiba Inu is currently facing pressure from whales, which ranks among the top 10 most bought tokens among the 2,000 largest ETH whales in the past 24 hours.
As reported by the data tracker, ETH whale “BlueWhale0113,” ranking 395th on the platform, has bought 312,285,225,685 SHIB, or $3,722,439 worth. Whales frequently use dips to stock up on their preferred coin at a discount. This is still the simplest justification for Ethereum whales purchasing Shiba Inu at lower rates. Shiba Inu was trading at $0.0000118 at the time of this writing, down by 5.95% over the previous day.
Additionally, widespread adoption and anticipation of an imminent launch may play a role. Shiba Inu has revealed its historic alliance with The Third Floor (TTF) to build its metaverse, so even Ethereum whales can be bullish on this potential.
IntoTheBlock reports a 142% increase in large addresses, which refers to those greater than $100,000.
The use of the Shiba Inu by whales is on the rise
The utility of the Shiba Inu among whales has increased as WhaleStats reports that SHIB is one of the most used smart contracts among the top 2,000 ETH whales in the past 24 hours.
As reported by WhaleStats, the top 500 ETH wallets are now holding $652,266,930 worth of SHIB.
SHIB, on the other hand, burns the Twitter account reports Over 40,797,038 SHIB tokens were burned in nine transactions in the last 24 hours.
