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.
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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.
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.
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
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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