Is the price of Shiba Inu set to make a huge jump in the coming weeks?

Despite the recent volatility in the crypto-currency market over the past three weeks, the top memecoins have performed comparatively better than most tokens. FTX’s collapse has dragged the crypto-currency market into negative sentiment in an already bearish market environment.

However, major memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) have fared better than most crypto-currencies. Over the past week, the price of DOGE has risen by about 14%.

Will the price of SHIB explode by the end of 2022?

Amidst several factors that have worked against the favorable crypto-currency market environment in recent weeks, the best whales continue to hold on to their Shiba Inu (SHIB) holdings. According to data from Whalestats, the top 500 Ethereum whales (ETH) hold $76,578,704 in SHIB. In fact, the SHIB holdings of the top 100 whales on the Ethereum chain have remained largely unchanged over the past two weeks.

It will be recalled that Elon Musk’s takeover of Twitter led Shiba Inu (SHIB) to a new all-time high in late October 2022. However, those gains were short-lived due to the FTX situation. At one point after Musk’s acquisition, there was talk of DogeCoin vs. Shiba Inu as to which memecoin would reach the first $1. There was a widespread expectation that Elon Musk would soon look to integrate DogeCoin or Shiba Inu with Twitter for payments.

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SHIB among the most secure crypto-assets

According to Santiment Insights, Shiba Inu is potentially among the safest investments in the crypto market today. Earlier this week, it was noted on the blockchain that there was a transfer of 1.8 trillion Shiba Inu tokens in multiple exchanges. Similarly, other large whale transfers in SHIB occurred after the dramatic collapse of FTX.

“Uniswap and Shiba are both at the lowest levels among the top 10 assets on a Market Cap Vs Realised Cap (MVRV) basis. This suggests that they would present the lowest buy risk, historically.”

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