On-chain data shows that the 100 largest SHIB token holders control over 25% of the Shiba Inu coin's total supply.
On-chain data shows that the 100 largest SHIB token holders control over 25% of the Shiba Inu coin’s total supply.
Canine-themed tokens’ rally as Shiba Inu led the recovery on Monday. Amidst a renewed bullish momentum in the market, SHIB rose by more than 24%. Several other altcoins also posted decent surges as well, while Bitcoin settled for a modest 3% over the past day., the top 100 SHIB holders control more than a quarter of the total supply of the memecoin. Several cryptocurrency whales have continued to acquire a massive amount of SHIB in recent times.
As a matter of fact, SHIB has also redeemed itself as the “most traded token.” The last week of January was devastating for investors, but the second-largest memecoin made a swift comeback as large holders or whales bagged more tokens, thereby increasing their positions. Last week Etherscan came across four such transactions which involved the transfer of a total of 63 billion SHIB tokens to four wallets – likely to be acquisition transfers. The first two consisted of over 6.11 billion SHIB and 1.087 billion SHIB respectively. The remaining two totaled more than 28 billion SHIB.of a layer 2 network called ‘Shibarium,’ which will be launched soon. Touted by many as a gamechanger, its second version of the private testnet is already live.
SHIB’s even managed to outpace the OG memecoin and rival Dogecoin , which is up by around 7% on a daily scale. It surpassed two major overhead resistances along the way to climb to a price of $0.000029 at the time of writing. As a result of the surge, SHIB’s market cap rose to a whopping $15.3 billion, eclipsing Polygon , while the daily trading volume shot up to $3.03 billion.
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