Shiba Inu has gained 4% in the past 24 hours as the meme coin became the most traded token among the top 100 Ethereum whales.
Largest Ethereum Whale Active Trading SHIB
According to data from the crypto whale tracking service WhaleStats, Shiba Inu has become the number one trading coin among the 100 largest Ethereum whales today.
📰 LIVE: $SHIB @Shibtoken reverse $CRV for MOST TRADED tokens among the top 100 #ETH pope
Check out the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SHIB #CRV #whalestate #babywhale #BBW pic.twitter.com/hhs5v5luI0
— WhaleStats (tracks crypto whales) (@WhaleStats) January 20, 2023
The meme coin is also currently the favorite token of the top 500 ETH whales by distance, as it currently holds a SHIB stack worth $579 million.
🐳 Top 500 #ETH the whales were hodling
$579,441,154 $SHIB
$145,646,390 $BEST
$83,890,390 $LOCUS
$74,089,671 $MATIC
$62,670,584 $LINK
$57,746,576 $BIT
$57,211,581 $ UNI
$53,702,692 $ WHEREWhale leaderboard 👇https://t.co/tgYTpOm5ws pic.twitter.com/8APpCEomn4
— WhaleStats (tracks crypto whales) (@WhaleStats) January 19, 2023
This whale holding a large Shiba Inu shows that he has bullish beliefs about the asset. Although, his holdings are still not the same as a year ago, because at one point, he had more than $1 billion of SHIB in his wallet.
One of the positive effects of the latest crypto power is in the wider sector, as its position in the top crypto according to the list of market capitalization has increased to 13 times now, surpassing Litecoin.
Looks like SHIB currently has a total market cap of about $6.3 billion | Source: CoinMarketCap
Shiba Inu Has Enjoyed Another 4% Gain In The Last 24 Hours
2023 has been a good year for dog-themed meme coins so far, as the crypto returns are currently over 41% today. And despite the pullback, it appears that this rally may not be over as the coin continues to make gains.
At the time of writing, Shiba Inu is trading around $0.00001147, up 4% in the past day. The chart below shows how assets have performed over the past month.
The value of the crypto seems to have surged in recent weeks | Source: SHIBUSD on TradingView
Shiba Inu history chart up to now. However, a few days ago, after peaking just below the $0.00001300 level, SHIB faced some resistance and pulled back.
But instead of continuing to decline, the coin is looking good, as the asset has rebounded since its retreat. Due to this strength, asset holders still gained more than 20% over the past week. In comparison, Shiba Inu’s biggest competitor, Dogecoin, hasn’t been able to do nearly as well recently, as it’s only up 2% over the past week.
In terms of returns over the past month, meme coin has gained nearly 40%. DOGE is also very behind SHIB at this time, since the original meme coin has managed only 13% profit in the past 30 days.
But why have the Shiba Inu performed so well? There are various reasons, such as development related to the upcoming Shibarium upgrade. One possible factor is whale activity.
Featured images from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com