Shiba Inu (SHIB) Price Overtakes Dogecoin as Crypto Whales Invest $140M in 7-Days

Insights:

• Shiba Inu (SHIB) opening price for Thursday, Dec 28 stood at $0.000011, up 8% within the 7-day timeframe. 
• Shiba Inu’s growth performance in December has now more than doubled Dogecoin’s.
• On-chain data trail shows that Crypto whales have strategically acquired 13 trillion SHIB tokens over the past week.

Shiba Inu’s (SHIB) opening price for Thursday, December 28, stood at $0.000011. On-chain analysis reveals how a positive shift in whale investors’ trading activity has propelled SHIB’s 8% price uptick over the past week.

Can the bullish Shiba Inu whales keep up the buying pressure to force another leg-up toward $0.00002 for the first time in two years? 

Shiba Inu Price Performance has Overtaken Dogecoin in the Past Week 

Shiba Inu started December on the back foot, while rival mega-cap memecoins like Dogecoin (DOGE), BONK and PEPE took center stage. As the month unfolded, Shiba Inu has made giant strides to catch up with the pack. 

As depicted below, SHIB price has gained 34.40% between Nov 30 and Dec 28. Meanwhile DOGE has only managed less than half of Shiba Inu’s tracktion, with DOGE price gaining 11.54% during that period. 

In effect, Shiba Inu price growth in December has more than doubled Dogecoin’s. A closer look in to the on-chain data trend shows crypto whales lopsided accumulation of SHIB in recent weeks is a major factor that has propelled it ahead of Dogecoin. 

Crypto Whales Acquired 13 Trillion SHIB This Week 

According to IntoTheBlock, SHIB Large Holders net-flow has been on a consistent rise since the start of December. As seen below, the whales intensified their buying spree this week, added a total of 13 trillion to their holdings between Dec 21 and Dec 28.

The Large Holder Netflow measures the daily variance between the outflows and inflows from whale wallets holding atleast 0.1% of a cryptocurrency’s total circulation supply. 

Valued at the current price of $0.000011 the whales have now acquired SHIB tokens worth $140 millon in the last 7-days alone. A prolonged buying trend among corporate entities and high net-worth investors often puts upward pressure on a cryptocurrency’s price. 

Firstly, when crypto whales acquire large quantities of coins within a short period, as observed above, it causes a large swings in market demand. It also provides much-need liquidity, which enables sellers, to execute trades at favorable prices. 

Unsurprisingly, Shiba Inu price has increased 34% from $0.000008 to $0.000011 since the whales’ buying spree began around Dec 1. 

More importantly, this prolong bullish momentum among whales could now encourage other stakeholders and retail investors in the ecosystem to take on a positive disposition as well. 

If this scenario plays, the growing demand and positive sentiment within the ecosystem could propel SHIB price toward the $0.00002 area in the days ahead.