With the price of Shiba Inu increasing 300% in 24 hours, what are some possible reasons for this spike? Some say it’s because people want to get their hands on cryptocurrency while others believe many investors are betting that other currencies will fall.
Data is on the rise given that more people are carrying around phones and using apps. This has led to an increase in data usage, resulting in higher prices of data plan fees. Data costs can be so high for some users that they may decide not to use any apps at all while others turn off their phone entirely.
The “shiba inu whales list” is a tool that shows the top 100 holders of the Shiba Inu cryptocurrency. The tool also shows how many coins each person has and their address. This information helps users determine who to watch out for when investing in this new currency.
According to data from behavioral analytics company Santiment, Shiba Inu whales are responsible for every price increase since $SHIB began trading this month.
They discovered that rising transaction counts (above $100,000) were followed by spikes in the price of $SHIB by overlaying price with transaction counts larger than $100,000.
“However, keep a watch on $SHIB’s $100k+ whale trades. When a large number of these transactions occur at the same time, prices tend to increase.”
@santimentfeed on Twitter.com is the source.
While token holders will benefit from the support, it raises the issue of whether Shiba Inu is heavily influenced and what will happen if the whales decide to leave.
Is the Shiba Inu gaining popularity among skeptics?
Since the beginning of the month, Shiba Inu has grown tremendously. However, the initiative is still met with suspicion, owing to the fact that it is one of hundreds of Dogecoin clones – although the most successful to far.
There’s also the issue of its one quadrillion (1,000,000,000,000,000) total token supply, which according to investor Michael Burry renders it a “pointless” investment owing to the market cap dilution.
Nonetheless, supporters argue that the Shiba Inu is more than just a meme currency. They highlight to the ecosystem’s growing features, which include a DEX, NFT support, governance procedures, and staking.
The CEO of Block Journal magazine, David Hsiao, is skeptical about Shiba Inu’s future success. He said that the dog-themed trend has slowed in recent months in favor of DeFi and NFTs, and that the pricing impact of enthusiasm ultimately fades.
“Over the past several months, the dog-coin euphoria has slowed substantially, and there have been many other areas of attention in the sector with much more substance, such as DeFi [decentralized finance] and NFTs.”
$SHIB is a Robinhood competitor.
The Shiba Inu community is increasing, despite mistrust from certain quarters. The project’s official subreddit currently has around 300,000 members, and its Twitter account has 1.2 million followers.
When it comes to protecting Shiba Inu from negative remarks, many people are as enthusiastic as the Dogecoin community.
That, however, isn’t enough to persuade Robin Hood to list $SHIB. So far, 281,000 people have signed an online petition to do so. However, there is no official indication on when, if ever, it will happen.
Nonetheless, Public, a Robinhood competitor, revealed Wednesday that $SHIB has been listed. The token is now accessible to users who have enabled crypto trading, according to the tweet.
Although the argument about meme coins continues, there is another issue to consider when it comes to Shiba Inu: the huge concentration of whale accounts that hold the tokens.
Shiba Inu has an 80 percent whale concentration according to CoinMarketCap, which is concerning for a project that wants to be regarded seriously.
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