Canine-themed tokens’ rally as Shiba Inu (SHIB) 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 (BTC) settled for a modest 3% over the past day.
Top 100 SHIB Holders
According to the latest stats compiled by WhaleStats, 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.
The latest spike comes on the heels of the announcement 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. Another factor that has catalyzed the uptrend over the weekend was Shiba Inu’s partnership with Italian fast food restaurant Welly’s to roll out a SHIB-themed joint.
Where’s SHIB Heading?
SHIB’s even managed to outpace the OG memecoin and rival Dogecoin (DOGE), 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 (MATIC), while the daily trading volume shot up to $3.03 billion.
According to CryptoPotato’s latest analysis, a decisive break above the hurdles of $0.000026 is likely to open the floodgates for more gains in the near term. So far, the asset seems on the right track for the bulls.