The overall crypto market has shown positive growth in its price over the last week. This includes me coins like Dogecoin, SHIB and SHIB. But, the market’s past performance of 24 hours is not encouraging. Within 24 hours, the market saw a 3.3% downward trend in price. While many tokens have been showing negative movements due to this sudden change, SHIB is enjoying a rebound.
Shiba Inu has been approached by one of the largest Ethereum whales to get the dip. Whalestats reports that BlueWhale0113, an ETH Whale address purchased more than 321 billion tokens in one transaction. His Shiba Inu brought in is worth $3.72 Million.
🐳BlueWhale0113, the ETH whale has just been purchased 312,285,225.685 $shib ($3,722,439 USD).
Ranked #395 on WhaleStats: https://t.co/98iwkzfSal
Transaction: https://t.co/JFEIRwpAGv#SHIB #ShibArmy
— WhaleStats (free data on crypto whales) (@WhaleStats) August 9, 2022
The whale’s wallet currently holds SHIB coins worth up to $2.49 million. It represents 7.45% of the total portfolio. Also, the whale account’s most significant held token is Polygon (MATIC), having approximately 11.49% of the entire wallet holding.
Whalestats reported that 500 ETH whales owned Shiba Inu coins worth $652 million. Regarding the leading 100 Ethereum Whales, SHIB tokens remain their wallets’ most significant held crypto coins. SHIB’s holdings total more than $510 Million.
Trade Volumes of SHIB and Other Meme Coins on the Rise
Though prices have dropped within the global crypto market, meme tokens’ trading volume is gradually skyrocketing. The 24-hour trading volume is increasing for meme tokens, according to Coin98Insight. The total value of the trading volume for meme tokens has surpassed $1.2 billion. This is 60% more trading volume than the previous 24 hours.
Data for the cumulative market capital for meme tokens shows a drop. In 24 hours the tokens lost about 5% of its overall value. The total market cap of the current meme tokens currently stands at $16.18 trillion.
Dogecoin (DOGE), although the 24 hour trading volume of the most important meme token, is not nearly as large as SHIB. DOGE had a 24-hour trading volume of $394 Million based on its cumulative value. A Coin98Insight report showed that Shiba Inu’s cumulative trading volume is $872 million.
SHIB’s trading volume has increased by a significant amount in the past 24 hours, according to metrics. SHIB currently trades at $0.00001242. The drop of 3.12% in the past 24 hours is indicative.
Dogecoin’s token trades at $0.0686 as of writing. Dogecoin dropped by over 4.30% within the last 24 hour.
Featured Image from Pexels. Chart by TradingView.com