• Shiba Inu grows 33% in a single day as whales feast on SHIB

  • Shiba Inu has been on the rise since trading resumed this week. The meme coin had not had the best of weeks, falling to the $0.00003 range after the market crash. The drops have caused some to panic and question the cryptocurrency’s future viability. However, it has proven to be a good time to buy for those who have already stocked up on cryptocurrency.

    Hype is still the primary motivator behind the meme coin, but Shiba Inu has proven to be much more. Major exchange listings have brought the asset closer to even more investors, and the price of the digital asset has reflected these newfound opportunities.

    Whales Pack Their Trunks

    Whales have taken the drop in the price of the meme coin as an opportunity to stock up. Data show that whales have taken advantage of the low momentum weeks to increase their holdings, with millions of dollars flowing into Shiba Inu in a single week. On Tuesday, one Ethereum whale purchased $1,101,959.44 million in SHIB as the whales’ mass accumulation continued.

    Since the asset did not perform well in November, whales have gone on a buying spree. On November 17th, one whale purchased $8 million in SHIB coin as the dips continued. The whale, identified as a first-time investor in the asset, received a total of 170 billion coins for the purchase. On November 23rd, when the dip was at its peak, another whale snatched up 850 billion SHIB for $36 million.

    Data also indicates that Ethereum whales have gone on a Shiba Inu buying binge. On November 29th, the top 1,000 Etheruem wallets had increased their holdings in the meme coin by 42%. These wallets now each have a minimum of 2.5 billion tokens.

    In response, the Shiba Inu jumps 33%.

    The price of the digital asset had skyrocketed in response to the massive purchases made by whales. Shiba Inu had started the week well, but Tuesday proved to be even better, with the token’s value increasing by 33% in a 24-hour period.

    The digital asset had begun the week trading at less than $0.00004, but had risen so dramatically in a 24-hour period that it had surpassed $0.000054. This is fueled by the widely publicized whale investments that have occurred.

    The race for Shiba Inu continues, as it was recently listed on the Kraken cryptocurrency exchange. Robinhood, one of the largest trading platforms for Dogecoin’s competitor, has yet to list the meme coin.

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