The Shiba Inu coin (SHIB) is experiencing a bullish rally as the highly anticipated Shibarium launch date approaches. This positive update has allowed the Shiba Inu coin to take the lead over the world’s largest crypto-currency, Dogecoin (DOGE). However, the data reveals that Ethereum (ETH) whales are acquiring more and more SHIBs ahead of the launch.
Are whales driving up the price of Shiba Inu?
According to WhaleAlert, the Shiba Inu coin has become the largest dollar holding among the top 100 ETH whales. SHIB toppled the Ethereum Staked (stETH) token to regain the top spot. This move of whale accumulation directly illustrates the excitement of whales.
As noted, the top 100 whales held approximately $69.5 million in Shiba Inu Coins through January 13, 2023. However, this SHIB holding has now grown to about $176 million. The top ETH whales accumulated $107 million in Shiba Inu Coins in just 3 days.
The price of SHIB increases by 22%.
The price of Shiba Inu has managed to rise by more than 22% in the past 7 days, while the price of Dogecoin has jumped by around 15%. The recent launch of the Shibarium beta has given SHIB the edge over DOGE.
The price of SHIB has risen 6% in the past 24 hours. It is trading at an average price of $0.000011, as of press time. Its 24-hour trading volume jumped 4% to $446 million. Shiba Inu Coin holds a market capitalization of $5.8 billion to maintain its position as the second largest crypto meme in the world.