Shiba Inu Gains Attention From Traders; Retains Top Position

Crypto traders have been paying close attention to Shiba Inu as the mainnet release of Shibarium draws near. In spite of the current lackluster market conditions, increasing investor interest and whale piling have increased the price of SHIB. Shiba Inu is expected to have had the highest return over the last week, despite the fact that the majority of large-cap assets are still in a downturn.

Notably, according to data from CoinMarketCap, the community-driven token has increased 16% over the past week as of this writing. On Thursday, the top platform for behavior analysis, Santiment, confirmed this intriguing fact in more detail. According to Santiment, SHIB is the asset with the highest weekly return, far outpacing Bitcoin’s weekly percentage gain.

📊 Prices are mildly up for #altcoins today, but most mid & small caps are still struggling to gain any traction on the weekly timeframe. Many traders have shifted their focus to #ShibaInu, as the #memecoin is one of the few bright spots. $SHIB is +19% with rising social volume. pic.twitter.com/RNXashVDQo
— Santiment (@santimentfeed) August 10, 2023

Investors Switch Priority to SHIB Amid Rally

The on-chain data analysis tool also showed that many investors have changed their priorities to SHIB in the wake of its persistent rally. The apparent whale activity on SHIB makes this clear. According to reports, whales recently transferred SHIB tokens worth 4.3 trillion ahead of the Shibarium debut.

The asset’s market cap has also increased significantly during the past week, according to the most recent data on CoinMarketCap. At the time of publication, Shiba Inu had a market capitalization of more than $5.8 billion, with more than 308 million worth of SHIB exchanged in the previous day. This exchange value in 24 hours was equivalent to 30.8 trillion SHIB tokens. SHIB has increased by 16.59% during the past week, making it the top asset among the top 100.

Santiment reported a 65%+ growth in SHIB’s growing volume, whereas other mid and small-cap altcoins struggle to get attention in the market.

Many Shiba Inu Investors in Loss

IntoTheBlock research revealed that only 33% of wallets holding SHIB are profitable despite these optimistic events. This implies that SHIB investments at a total of 421.85K addresses have grown.

Data pulled from @intotheblock shows that about 33.03% of wallets holding $SHIB are currently in profit, this might increase as time goes . pic.twitter.com/GkUTK5pQfX
— Chain Afrik (@ChainAfrik) August 11, 2023

The well-known market intelligence company has also predicted that 62.49% of wallets holding SHIB are currently losing money. The equivalent number of SHIB addresses is 798.18K. However, a number of market observers think the SHIB price would increase after Shibarium’s mainnet launch. In essence, if the much awaited layer-2 solution performs as anticipated, more addresses could experience financial success.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.