Whales increase SHIB trading volume by 102% in 24 hours: Is the market recovering?

Whales are transferring massive amounts of SHIBs.
SHIB now comprises 3.49% of Whales’ crypto holdings.
The market rise was 12.35%.

Whales and Sharks in the market are said to be one of the major driving forces; they influence the entity’s trading price, and their huge capacity to buy or sell massive amounts of an entity greatly affects its performance in the market.

This week top 100 whales on the Ethereum network have influenced the second-largest canine-themed meme coin SHIB, by increasing its trading volume by 102% in just 24 hours. They sold a large chunk during the market unrest but now bought 324 billion SHIB back, which caused it to rise by 12.355% this week.

They are basically moving massive amounts of Shiba Inu between the wallets, buying and selling them, basically trying to increase the trading volume, which in turn brings in the users and, eventually, increases the value of the meme coin.

During all these massive transactions, the top 100 whales of the Ethereum blockchain are said to have dumped roughly $2 million worth of SHIB in just two days, just before the weekend.

As expected, all these movements increased the trading volume exponentially, moving it to a 7,449,053.83 percent increase in trading volume.

According to the data provided by WhaleStats, the top 100 whales own around $69,169,207 worth of SHIB. On Friday, their stash totaled around $66,326,515 after all the transactions and dumping they did.

They are said to have bought approximately $3 million worth of SHIB and now own 323,974,082,073 meme coins, amounting to around 3.49% of their total crypto holdings.

If the statistics from the months of October and November are to be compared, when these top whales used to own more than $100 million SHIB, now have the ownership of only $70% as they are assumed to have sold the token during the ongoing crisis that arose from the FTX debacle, where the once Crypto White Horse, Sam Bankman-Fried, is alleged to have misused the investors’ fund in FTX to fill in for the mistakes of Alameda, resulting in the massive liquidity crunch and fall of one of the biggest brand in the crypto industry.

Over the past week, to be precise, since Tuesday, the DOGE rival mem coin SHIB had an overall rise of 12.35%, as the price went up from $0.00000830 to $0.00000933. However, currently, it is trading at $0.00000920.

Unlike its rival, DOGE had jumped by 15% in the last 24 hours. This is likely because Elon stated that if the Twitter app faces memory issues on iOS or Android, he might launch a new mobile phone with a completely new operating system. And everybody knows his obsession with it, so much so that he is also referred to as DogeFather.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing