u.today
The metrics from the broader market regarding the recovery of meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) show an interesting twist. Data from the crypto analytics platform IntoTheBlock shows a significant divergence in the whale activities from SHIB and DOGE.
Shiba Inu whales showing DOGE The Way
According to the data, SHIB whale transactions shot up by over 261% in 24 hours. For Dogecoin, this comes in at merely a 4.58% surge. For reference, the whale transactions in this context involve any active transfer worth at least $100,000.
While DOGE’s $1.29 billion volume dwarfs Shiba Inu’s $39.6 million in actual value, the sharp bump in the growth rate shows that more investors are interested in SHIB overall. This whale boost can trigger an important recovery moving forward, especially with other growth metrics currently down.
As reported earlier by U.Today, Shiba Inu saw zero SHIB sent to burn wallet in 24 hours. This underscores how the broader Shiba Inu ecosystem is exhibiting a cool-off after a massive boosted trend last week.
With the SHIB whale buy-up, a significant quantity is being scooped up from the open market. This is essential to help build momentum on the meme coin - enough to fuel price growth.
Where is Shiba Inu at now?
At the time of writing, the price of Shiba Inu is seeing a mild recovery, albeit better than earlier in the day. The token is up by 3.73% to $0.00001689. With the recovery, Shiba Inu has started paring off its losses over the past week in a show of possible rallies ahead.
While it may be too early to call SHIB's recovery, the token has formed much-needed support around the $0.00001612 price level. With the ongoing SHIB ecosystem updates, core investors might have something viable to anchor their new buy-ups.