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.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/pedrosek/WindAwake