Despite bearish trading in the market, memecoin Shiba Inu (SHIB) continues to enjoy popularity among large Ethereum investors.
This was noted by WhaleStats, a platform that tracks the top 5000 biggest Ether (ETH) wallets. Per WhaleStats data, SHIB broke into the top 10 most purchased tokens of the 2000 biggest ETH whales on Dec. 29.
JUST IN: $SHIB @Shibtoken now on top 10 purchased tokens among 2000 biggest #ETH whales in the last 24hrs 🐳
Peep the top 100 whales here: https://t.co/R19lKnPlsK
(and hodl $BBW to see data for the top 2000!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/ERo2CK30RN
— WhaleStats (tracking crypto whales) (@WhaleStats) December 29, 2022
The latest data from the platform shows that SHIB is currently the most traded token of the top 100 largest wallets. These 100 entities collectively hold 20 percent of the total circulating supply of SHIB. Their average SHIB balance is 1.9 billion SHIB tokens worth around $16.3 million.
The data points to a massive dip in buying activity by the whales. Meanwhile, the trend has been building up over the past few months amid declining retail interest according to data from Santiment.
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However, whale activity has curtailed the bearish momentum of SHIB in the last few days. In the past 24 hours, the price of SHIB is up 1.58 percent, trading at around $0.0000082. This comes after the token dropped 6.11 percent in the two weeks chart.
If whale activity is sustained and big money continues to flow into the SHIB market, the token could surge to new highs. Already, the SHIB 90-day MVRV ratio indicates that recent buyers near the current lows are already in profit following a slight bounce.
SHIB could also see bullish momentum from retail investors in 2023. This is because of massive retail-focused projects Shiba ecosystem developers are working on.
Projects earmarked for launch in 2023 that could drive retail adoption include Shibarium and SHIB: The Metaverse. Shibarium, the ecosystem’s layer 2 scaling solution, will make SHIB transactions cheaper and faster than ever. Speculations have emerged that the L2 is ready and just awaiting launch at the right time in 2023.
Developers have also provided the community with a series of updates about the progress of SHIB: The MV. These concept art drops and sneak peeks have the community anticipating the launch of the SHIB-powered virtual world.
Meanwhile, the ecosystem has continued to clinch bullish partnerships in the real world. SHIB has been added as a payment option on several crypto-to-fiat payment gateway platforms. Last month, it was integrated into Guarda Wallet’s prepaid Visa card offering.
The prepaid cards can now be recharged with the SHIB holdings of Guarda Wallet users. The cards can be used at millions of stores worldwide that accept Visa payments. In similar moves, FCFPay and Travala also announced integrations of SHIB. Meanwhile, the World Economic Forum (WEF) is looking to partner with the Shiba ecosystem to develop metaverse-related policies.
Olivia Brooke has been writing about cryptocurrencies since 2018. She’s currently fascinated by NFTs, and she remains committed to learning and writing about the broader cryptocurrency industry.
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