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Shiba Inu Whales Dominance on the Ethereum Network Now At 15% As SHIB Price Surges 46%

Shiba Inu (SHIB), the second-largest meme token in the market, has now become the 13th largest cryptocurrency by market cap. The digital currency displaced USD Coin (USDC) following a 46% price surge.

Shiba Inu Whales Dominance on the Ethereum Network Now At 15% As SHIB Price Surges 46%
Courtesy of CoinMarketCap

Read Also: These Five Businesses Involved In Burning 604 Million Shiba Inu (SHIB) in January

Shiba Inu (SHIB) Dominance on the Ethereum Network Keep Increasing

The dominance of Shiba Inu whales on the Ethereum network has once again increased as the digital token printed a meteoric price surge.

According to WhaleAlerts, the tracker of top 1000 Ethereum bag holders, whales currently hold $1.5 billion worth of Shiba Inu in their wallets.

Shiba Inu Whales Dominance on the Ethereum Network Now At 15% As SHIB Price Surges 46%
Courtesy of WhaleStats

As TimesTabloid earlier reported, Ethereum whales have not shown any sign of stopping their SHIB buy habit. They seize all possible opportunities to add more SHIB tokens to their balances. The buying spree has resulted in a 26% concentration of the token’s total supply in the hands of whales.

Read Also: These Shiba Inu Whales Just Bought 63 Billion SHIB Tokens as Whale Holding 36.7 Trillion SHIB Expands Portfolio

According to data from CoinMarketCap, Shiba Inu (SHIB) price has increased by 46% based on 24 hours estimation. At the time of writing, SHIB is trading at $0.00003407.

The sudden price increase was most likely the result of the global cryptocurrency and financial market recovery taking place after a strong correction.

SHIB has not been showing any positive market movements recently due to the absence of buying power from retail traders and a large concentration of the supply in the hands of mid-term holders who are constantly taking profits even after the slightest recovery.

Read Also: Shiba Inu (SHIB) Trading Goes Live On Turkey-Based Crypto Exchange Bitexen

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However, the current trend seems positive for both retail and mid-term holders, but it’s not certain whether the market could maintain the current favorable trend for a couple of weeks.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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