Shiba Inu network continues to show growth signals even after a 15% retrace
- Increase in average token balance
- Additional market data
Despite the failed recovery on the cryptocurrency market, Shiba Inu whales are continuing to stack more tokens in their wallets as the average SHIB balance on whale wallets increases by 28% and reaches 2.6 billion tokens.
Increase in average token balance
The increase in balances on whale-tier addresses has been noticed after retraces amid the recovery rally that brought SHIB investors 28% profit in four days. But due to the sell-off on larger cryptocurrencies like Ethereum and Bitcoin, the Shiba Inu rally has concluded, resulting in a 13% drop in two days.
During the recovery rally, whales have purchased more than $400 million worth of tokens, which is the reason behind the growth of the average token balance. As the asset retraced after recovering slightly, whales have continued to hold the token.
But while the SHIB value of whale holdings remains the same and even increases slightly, the USD value of their funds drops by $300 million approximately from $2 billion at the beginning of the week to $1.7 billion at press time.
Additional market data
In addition to the growth on balance sheets, the average Shiba Inu holding value on whale addresses has also increased by approximately 18%. Currently, the value of Shiba Inu holdings has almost reached $90 million.
The trading volume on the aforementioned address has reached $18 million in the last 24 hours. While most of the market metrics remain bullish, the asset’s netflow has dropped by 167% in the last 24 hours, reaching $1.7 million.
As for the price of Shiba Inu, the asset currently trades at $0.000033 after reaching the local high of $0.000039. The overall volatility of the asset has not yet recovered or reached the levels of October or November. The average changeability remains at 5%.