Shiba Inu Whales' Trading Volumes Surge by 511% as Top Holders Reposition

WhaleStats analysis of the top 100 Shiba Inu holders indicates a massive 511% rise in trading volumes over the last 24 hours. Likewise, the average SHIB balance and value of this category of holders have increased by 26.58% and 24.18%, respectively.

The spike in trading volumes comes on the heels of increased activity as WhaleStats reports a 70% spike in active addresses as crypto whales interacted with billions of Shiba Inu.

🏆 Top 10 purchased tokens by 2000 biggest #ETH whales today

🥇 $ETH
🥈 $USDC
🥉 $BUSD
4️⃣ $DAI
5️⃣ $USDT
6️⃣ $SHIB @Shibtoken
7️⃣ $UNI @Uniswap
8️⃣ $MATIC @0xPolygon
9️⃣ $UMA @UMAprotocol
🔟 $GTC @gitcoin

Whale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/P7hunGhpyu

— WhaleStats (free data on crypto whales) (@WhaleStats) August 9, 2022

Shiba Inu is currently facing buying pressure from whales, ranking among the top 10 most purchased tokens among the 2,000 biggest ETH whales in the last 24 hours.

As reported by the data tracker, ETH whale "BlueWhale0113," ranking 395th on the platform, has bought 312,285,225,685 SHIB, or $3,722,439 worth. Whales frequently use dips to stock up on their preferred coin at a discount. This is still the simplest justification for Ethereum whales purchasing Shiba Inu at lower rates. Shiba Inu was trading at $0.0000118 at the time of this writing, down by 5.95% over the previous day.

Additionally, the anticipation of wider adoption and impending launches may play a role. Shiba Inu just revealed its historic alliance with The Third Floor (TTF) for the construction of its Metaverse, so Ethereum whales may also be bullish about this potential.

IntoTheBlock reports a 142% increase in large addresses, which refers to those greater than $100,000.

Shiba Inu utility by whales on rise

Shiba Inu's utility has spiked among whales as WhaleStats reports that SHIB ranks among the most used smart contracts among the top 2,000 ETH whales in the last 24 hours.

As reported by WhaleStats, the top 500 ETH wallets are now holding $652,266,930 worth of SHIB.

In the past 24 hours, there have been a total of 40,797,038 $SHIB tokens burned and 9 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy

— Shibburn (@shibburn) August 9, 2022

On the other hand, the SHIB burn Twitter accounts reports over 40,797,038 SHIB tokens burned within the last 24 hours in nine transactions.