It looks like the era of memecoins is not over yet. One of the biggest memecoins in the crypto market today has continued to surprise analysts and crypto community members with its recent achievements. Today, Shiba Inu has broken the record to become the coin with the most-held value by whale wallets.
Shiba Inu achieved this a couple of days ago when a new whale bought $5 million worth of Shiba Inu. That brought the total value of Shiba Inu owned by whale wallets to $2.3 billion from its previous $1.8 billion value. Shiba Inu enthusiasts now have bragging rights to be the memecoin with the most whale hodling.
The unknown whale took the opportunity presented by Shiba Inu’s recent price correction to make the purchase. Shiba Inu had dipped by 15% following the announcement of the new coronavirus strain, omicron, that was discovered in South Africa. The memecoin followed bitcoin’s dip which liquidated futures traders across exchanges.
But it also began to recover on Sunday, following bitcoin. Shiba Inu, as of writing, trades at $0.0000522 after gaining 34.61%. The coin has a market cap. of $28.5 billion on Coinmarketcap. The total amount of SHIBA held by whales accounts for nearly 78%, up from its previous 72% in early November.
Will SHIBA Grow?
The news was received by the Shiba Inu community on Twitter with a lot of applause. It is special that whales are stacking up Shiba Inu at this time when some have said that the memecoin season is over. But Shiba Inu has defied that statement to prove its value. Enthusiasts are predicting that the coin will cancel out two figures from its price soon.
Perhaps, that could happen. Shiba Inu is seeing increased adoption and use. Just last week, Newegg, a top electronics retailer in Asia, Europe, and the Middle East, announced that it would start accepting SHIBA for payments. AMC, the theater giants, have also rolled out SHIBA payment features. In France, a local bistro is accepting SHIBA for certain items.
Like Dogecoin, Shiba Inu has seen a measure of success that has convinced investors of its potential as a coin. Although it is relatively young and developing, the coin has already performed over 700,000% since January. Many investors have gained a lot from SHIBA and the market condition remains positive.
Despite this, Shiba Inu’s currency growth rate is slow but steady. The entrance of retail traders has helped the growth of the coin in recent months.
SHIBA Price Prediction
Data from TradingView shows that SHIBA has continued along the borderline of $0.000052. Today alone, it gained 34% to rise from $0.000038. The coin is gradually approaching the $0.000058 resistance. If it breaks that, it could be heading towards a higher price.
Since the coin is gaining traction as a payment method, we can expect to see more bullish action from whales and retailers. In the coming weeks, SHIBA price action will be interesting to watch.
