Whales buying and selling on the Ethereum network have targeted Shiba Inu to move the ecosystem in the past 24 hours, making $SHIB one of the top ten most traded tokens in the industry.
It’s unclear what prompted the whales to move the memecoin currency, which hasn’t had a good run.
Anyway, a whale alert detected the movement and stirred up the SHIB investor community, who have lost a lot of money on the token over the past year.
Whales bought and sold Shiba Inu, a token that occupied the TOP 10 ranking of transactions on the Ethereum network
The WhaleStats website tracks whale movements across various networks, as well as the volume of token transactions between investors.
And one detail that did not go unnoticed was an increase in demand for Shiba Inu in the past 24 hours, mainly among Ethereum whales.
With the excitement, the memecoin reached the top 10 most bought tokens (22) this Thursday, even though the movement has no fundamentals.
“SHIB is now in the top 10 tokens purchased in the last 24 hours from the top 100 ETH whales.”
JUST IN: $SHIB @Shibtoken now in the top 10 purchased tokens of the 100 largest #ETH whales in the last 24 hours 🐳
Check out the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SHIB #walstats #babywhale #BBW pic.twitter.com/fkpREKdRsg
— WhaleStats (crypto whale tracking) (@WhaleStats) December 22, 2022
What is still remarkable is that Shiba Inu became the third most traded Ethereum whale coin on Christmas Eve. Whales have traded only USDC and USDT stablecoins above SHIB in the past 24 hours.
However, it is not yet clear why the whales have become so enthusiastic about the project, which is not going well. In any case, the price of the currency remained practically unchanged, despite the increased speculative volume.
From “Dogecoin Killer” to Dead Coin: Shiba Inus 2022
The Shiba Inu project has appreciated in value over the past year, with an increase in risky investors in projects without foundations. Such coins were referred to as “memecoin,” with Shiba Inu possibly the closest rival to Dogecoin, Elon Musk’s currency of choice.
However, as the future biggest memecoin, Shiba Inu went through a complicated 2022 in terms of prices as they lacked foundations to sustain the coin’s rise.
Since the beginning of January 2022, SHIB has already lost 75% against the Dollar, going from a quote of US$ 0.000034 to the current US$ 0.0000082.
To make matters worse, since October 2021, when the currency reached its all-time high, the accumulated loss has reached 90% in value.
In other words, a great coin, Shiba Inu ends the year as a possible dead coin, even as whales continue to speculate in its token on decentralized brokers.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
