Shiba Inu got off to a strong start in 2023, gaining along with the rest of the cryptocurrency market but logging significant gains thanks to the anticipation around Shibarium. Major ethereum (ETH) whales have rekindled their interest in SHIB, contributing to a resurgence in the popularity of the cryptocurrency.
Shiba Inu registering a solid comeback
Shiba Inu had lost its appeal among the big ethereum (ETH) whales over the last year. These investors had begun selling off their holdings as the currency’s value continued to tumble. Their holdings of the meme currency dropped from more than $1 billion at one point in 2021 to less than $300 million at the worst point in 2022.
This has rapidly altered, mainly due to the rebound in the price of SHIB. Whales on Ethereum have again set up shop with the meme currency, amassing billions of tokens throughout the last few months. According to the statistics provided by WhaleStats, Shiba Inu has reclaimed its former position as the cryptocurrency with the most significant token holding in terms of dollar value among the top 100 ETH whales.
Currently, they have more than $608 million worth of SHIB in their possession, accounting for 15.99% of their total token holdings other than ETH. The amount of activity in the meme currency has also skyrocketed, and SHIB now ranks as the token that these whales have traded most in the last twenty-four hours.
The SHIB smart contract has had a surge of 186% among the top 100 ETH whales, placing it in fourth place among the most popular smart contracts utilized by whales, behind ETH, USDC, and USDT.
According to CoinMarketCap, the SHIB token has seen a tremendous increase in 24-hour trading volume, recording a 27.8% growth in January and taking its importance to $303,216,831.
The price of Shiba Inu has already increased by more than fifty percent in January but sees a slight correction of 4% at the time of writing. The debut of Shibarium, a Layer 2 blockchain, which is now the most anticipated release in the community, is one element that might contribute significantly to such an increase. Shibarium is an example of a distributed ledger.