The decentralized meme token Shiba Inu (SHIB) has experienced an increase in buyers thanks to the positive market sentiment on December 21. It is now among the top 1,000 Ethereum wallets. According to data collected by whale monitoring website WhaleStats on December 21, SHIB controls 7.71 percent of the holdings of all tokens with a value of $1.72 billion, according to an analysis of the top 1,000 ETH wallets.
In August 2020, an anonymous person or group with the name “Ryoshi” created the Shiba Inu token, a decentralized cryptocurrency. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap. Shiba Inu Token Aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular meme coin. According to market capitalization, the digital asset is now ranked 13th among the top 100 leading cryptocurrencies.
The asset aims to break back into the top ten by exploring new use cases, such as play-to-earn non-fungible token (NFT) games relevant to today’s market. FTX Token is at number two with 7.33% and $1.61 billion, and USDT is at number three with 4.91% and $1.1 billion. While Shiba Inu prices have recovered with the broad market recovery, it seems whales have also played a role in the 10% increase.
The Ethereum whale purchased 4 trillion Shiba Inu tokens in 24 hours, worth almost $136 million. SHIB is the seventh most-mentioned cryptocurrency by ticker on Reddit with 106 mentions, increasing by 171.79% of its daily mentions. It seems SHIB whales still believe there is more room for growth with dog tokens since they continue to buy more in anticipation of another price hike. As Shiba Inu became the world’s fourth-largest cryptocurrency by Twitter followers in less than a year, its value simultaneously increased as its popularity on social media grew as well.
Currently, Shiba Inu trades at $0.00003214, up 10.40% on the day and 4.09% in the last seven days, according to CoinMarketCap. The coin has a market capitalization of $17.6 billion.
