Whales Invest More Than $600M in Meme Crypto Shiba Inu
The value of Shiba Inu (SHIB) skyrocketed by nearly 50% in January thanks to the pumping arranged by the largest addresses. However, the whales resumed their sale of tokens in February when the coin peaked in the first half of the month and the capitalization of the digital currency decreased by 0.5% to $6.03 billion in 24 hours.
Despite the liquidation of more than 170 million tokens, SHIB is still getting cheaper. Analysts at WhaleStats recorded another surge in the activity of the largest Ethereum addresses, with 100 whales investing up to $601.2 million in SHIB.
This digital asset ranks first in the ranking of altcoins in which whale wallets are invested, leading to speculation of another SHIB pump. If this occurs, March could see the token recoup its February losses.
IntoTheBlock’s data shows that 64% of Shiba Inu holders are now incurring losses, while the share of profitable addresses has dropped to 31%.
