Shiba Inu (SHIB) Purchase by Top Whales Drives up 24-Hour Trading Volumes by 880%: Details

WhaleStats’ analysis of the top 100 Shiba Inu whales reports that the trading volume for this category of addresses within 24 hours about 2 days ago spiked by relatively 880%.

Also, according to the data provided by IntoTheBlock, Shiba Inu whales have become more active, considering the massive increase in the number of transactions lately.

An increase in the large transaction of assets often points to high activity among institutional investors, or whales, who are either buying or selling.

The top 100 Shiba Inu holders have likewise increased their portfolios, as WhaleStats reports a 178.87% rise in the average SHIB balance of this category of investor.

The average SHIB value of their portfolio has also grown by 180.48%. Both volume and active addresses have grown by 880%, showcasing healthy metrics.

Shiba Inu (SHIB) Adoption on the Increase

As earlier reported, since reaching one million holders at the end of 2021, Shiba Inu (SHIB) has gained around 200,000 new holders since the beginning of 2022, and the meme token’s adoption has been growing steadily.

Shiba Inu Türkiye had a face-to-face meeting with representatives from the Turkish parliament, chaired by Mustafa Elitaş, during which SHIB ecosystem adoption was addressed, according to a tweet by lead Shiba Inu developer Shytoshi Kusama on 9th March.

SHIB has had a great start to the year, with a slew of partnerships and listings. Binance, a well-known cryptocurrency trading platform, has launched a new giveaway of $100,000 worth of Shiba Inu tokens to lure new customers.

The American mattress retailer “Beds To Go” has also announced accepting Shiba Inu for payments. AMC Theater has also followed the trend of SHIB adoption.

At press time, Shiba Inu was trading at $0.00002242, with a relatively 1% price uptrend in the last 24 hours, according to CoinMarketCap data.

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