Shiba Inu Faces 274% Average Value Increase on Whale Wallets, Here’s How

AnalysisShiba Inu Faces 274% Average Value Increase on Whale...



Arman Shirinyan

Shiba Inu average value on whale addresses spike amid market recovery

Following the general cryptocurrency market recovery, memecoins like Shiba Inu and Dogecoin have faced a decent price recovery in line with on-chain and market metrics, including the Average Value on large addresses for Shiba Inu, provided by WhaleStats.

The Average Value metric tracks the average worth of holdings among Ethereum whales. Such a strong increase in the metric is not tied to the price action of the token but indicates that addresses have most likely purchased more tokens amid the recovery.

Shiba Inu WhaleStats data

Shiba In successfully gained at least 25% to its value between Feb. 28 and March 1. The spike in the price of the asset is more likely tied to the general recovery of the market as no large-scale buying power has pushed Shiba Inu.

According to WhaleStats, the total value of Shiba Inu holdings has reached $1.52 billion while previously staying at approximately $1.3 billion. Such a large increase is more likely tied to a series of large purchases made by whales rather than retail buying volume.

The most highly valued whale holdings are still coming after FTX Token, FTT, with $1.6 billion worth of the asset held by whale addresses. Shiba Inu’s price has to increase by at least 5% to reach first place.

But at press time, Shiba Inu is experiencing the same problems as the majority of assets on digital markets and loses around 6% of the previously gained value. According to CoinMarketCap, the cryptocurrency market has lost at least $100 billion from its total market capitalization.



Learn more

Latest news

How To Create A Strong Community To Boost Your Brand

CEO and cofounder of Corite, a startup that allows fans to invest in their favorite artists and share...

Elon Musk’s Twitter ‘Slaps’ Dogecoin (DOGE) Army, Here’s What Happened

Yuri Molchan Twitter has suspended tool that allowed users to tip each other on Twitter using Dogecoin Contents Twitter suspends Doge...

Frontier Airlines launches all-you-can-fly summer pass for $399

Frontier Airlines is launching a new all-you-can-fly summer pass allowing travelers unlimited flights over the warmer months for an...

Stocks moving in after hours: Meta, Elf, Align

Meta (META)Meta Platforms shares soared after the social media giant announced fourth quarter sales of $32.17 billion which...

Stock spikes after better-than-expected revenue, buyback announcement

Meta (META) reported its Q4 2022 earnings today after the bell, and the Facebook parent beat key revenue...

Meta Stock Jumps On $40 Billion Buyback| Investor’s Business Daily

Facebook owner Meta Platforms (META) reported fourth-quarter results late Wednesday that beat on revenue as the company struggles...

Must read

How To Create A Strong Community To Boost Your Brand

CEO and cofounder of Corite, a startup that...

Elon Musk’s Twitter ‘Slaps’ Dogecoin (DOGE) Army, Here’s What Happened

Yuri Molchan Twitter has suspended tool that allowed users...

Frontier Airlines launches all-you-can-fly summer pass for $399

Frontier Airlines is launching a new all-you-can-fly summer pass...

You might also likeRELATED
Recommended to you