Is Shiba Inu (SHIB) Price Set For A Huge Jump In Coming Weeks?

Shiba Inu (SHIB) Price News: Despite the recent market volatility in cryptocurrencies in last three weeks, top memecoins have fared comparatively better than most tokens. The FTX collapse dragged the cryptocurrency market into a negative sentiment in an already bear market environment. However, top memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) fared  better than most cryptocurrencies. In the last one week, DOGE price rose by around 14%.

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SHIB Price To Explode By 2022 End?

Amid several factors that played against conducive crypto market environment in recent weeks, top whales continue to hold on to their Shiba Inu (SHIB) holdings. According to Whalestats data, the top 500 Ethereum (ETH) whales are holding as much as $76,578,704 SHIB. In fact, the SHIB holdings of top 100 whales on Ethereum chain have been largely unchanged in the last two weeks.

It may be recalled that Elon Musk’s takeover of Twitter led Shiba Inu (SHIB) to a new all time high at the far end of October 2022. However, those gains were short-lived due to the FTX situation. At one point after Musk’s acquisition, there was talk about DogeCoin versus Shiba Inu on which memecoin would first reach $1. There was widespread expectation that Elon Musk will soon look to integrate DogeCoin or Shiba Inu with Twitter for payments.

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SHIB Among Safest Crypto Assets

According to Santiment Insights, Shiba Inu is potentially among the safest investments in crypto market currently. Earlier in the week, it was found on chain that there was transfer of 1.8 trillion Shiba Inu tokens in multiple exchanges. Similarly, other big whale transfers in SHIB came after the dramatic collapse of FTX.

“Uniswap and Shiba are both at the lowest levels among the top 10 assets based on Market Cap Vs Realised Cap (MVRV) calculation. This suggests they would be at the lowest risk to buy, historically.”

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.