Shiba Inu Is The Top Choice For Crypto Whales Now. Here’s why? – Tech Tribune France

While the cryptocurrency market is still recovering, Shiba Inu is doing relatively well

Shiba Inu, the cryptocurrency that started as a joke, is now rocking decentralized finance. From being an unknown memecoin to becoming a major competitor for Dogecoin, SHIB has come a long way. However, Shiba Inu’s recent progress is more impressive than ever. Many crypto whales, including Ethereum and Dogecoin bigheads, are feasting on SHIB. While the cryptocurrency market is still recovering from the bear outbreak, Shiba Inu is doing relatively well.

Since its inception in 2020, Shiba Inu has been in the spotlight for its market success. The memecoin that bills itself as a “Dogecoin Killer” became one in 2021. For a brief period, SHIB outperformed DOGE and even entered the top 10 list of cryptocurrencies. When SHIB hit an all-time high in November last year, many investors reaped good profits. However, apart from small investors, crypto whales play an important role in boosting the price of memecoin. According to the data, a whopping 7-0.52% of SHIB’s circulation is controlled by eight whale accounts, one of which holds the largest share – 41.03%. Recently, whale interest in SHIB has increased even further. Ethereum whales are constantly staking their SHIB investments to generate a good profit when the cryptocurrency hits new highs. On the other hand, hot events also increase in the Shiba Inu sphere to give an edge to the value of the memecoin.

Shiba Inu Whales Buy More SHIB Tokens

Over the past few days, the price of the Shiba Inu has steadily increased. Although the cryptocurrency recorded a drop of more than 67% from its all-time high, the recent price surge of 25% seems to have stolen the scene. Due to the growing value of SHIB, many existing Shiba Inu whales are staking their investment. Etherscan, a platform that tracks transactions made by large holders, revealed that over the past few weeks crypto whales have purchased over 200,588,182,473 Shiba Inu tokens. However, this isn’t the first time the whale has played big on SHIB. In early April, the same person bought a much larger position of over 3.7 trillion tokens. Although the motive is unclear, recently many investors are buying memecoin just to burn it.

On the other hand, SHIB’s growing partnerships with crypto exchanges and the planned launch of Shibarium give the token an edge. Shibarium is expected to counter many of the underlying challenges of the existing network, such as lower gas fees. Shiba Inu also announced their Metaverse debut recently.

Ethereum’s Many Whales Chose SHIB

Ethereum whales have long been interested in Shiba Inu investments. The storyline has recently taken a steep rise since SHIB became the only well-performing crypto in the market. Last December, an Ethereum whale bought 4 trillion SHIB tokens in a single transaction worth $134 million. According to WhaleStats, which closely monitors the top 1,000 Ethereum whales, Shiba Inu is “the most traded and largest among the top 1,000 ETH wallets.”

During the intense phase of the Russian-Ukrainian fiasco, crypto-whales were found transferring their funds to SHIB. WhaleStats reported that at the time, two large Ethereum whales purchased 105.7 billion SHIB tokens.

From Dogecoin to Shiba Inu, the story of the whale

Similar to Shiba Inu, Dogecoin is also a memecoin that gets surprising buys and sells. While DOGE is hailed to have an honest community of followers who believe in cryptocurrency, SHIB’s recent spike has them considering otherwise. According to experts, the Dogecoin whales might also reconsider their DOGE investment and will look for ways to put it into SHIB.

Disclaimer: The information published in the article is for educational purposes only. By using this you agree that the information does not constitute investment or financial advice. Do your own research and contact financial advisors before making any investment decisions.

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Shiba Inu Is The Top Choice For Crypto Whales Now. Here’s why? – Tech Tribune France

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