Crypto analytics firm Santiment is tracking major purchases of popular meme coin Shiba Inu (SHIB) by some of the wealthiest wallets in crypto.
According to a new post, the data aggregator points out that whales abruptly came out of slumber on August 14th and executed the largest number of transactions worth more than $100,000 in four months.
“Shiba Inu has been on the move this weekend and is up +34% in the past 24 hours while crypto has been fairly flat.
Not so coincidentally, whales have been very active on SHIB. There have been 433 transactions valued at $100,000+, the most in 4 months.”
Shiba Inu recently surged by 50% when it rose from an August 10th low of $0.000012 to a peak of $0.000018 on August 14th.
The recent rally helped propel SHIB to the 12th slot of largest digital assets by market cap, with the dog-themed token currently outranking both layer-1 smart contract platform Avalanche (AVAX) and layer-2 scaling solution Polygon (MATIC).
Crypto intelligence firm IntoTheBlock provides even more granular data about SHIB, noting that 60% of holders are currently underwater with only 35% sitting on unrealized gains. An additional 5% are even on their investment.
Looking at the concentration of large Shiba Inu holders, whales and investors who own at least 0.1% of the altcoin’s supply dominate, holding 81% of SHIB in circulation.
IntoTheBlock also reveals that 68% of Shiba Inu holders have owned their tokens for between one and 12 months, 28% for more than a year and only 4% for less than a month.
Despite SHIB’s recent vault up the price charts, the altcoin remains down over 80% from its all-time high of $0.00008616 back in late October of 2021.
At time of writing, Shiba Inu is down 10.22% on the day and trading for $0.000016.
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The post Shiba Inu Whales Abruptly Come to Life As SHIB Rallies 34% in Just One Day: Analytics Firm Santiment appeared first on The Daily Hodl.