Shiba Inu is a cryptocurrency that has gained prominence as a meme coin. It has also attained a place among the top 20 cryptocurrencies by market capitalization. The SHIB team has been consistent in its development efforts and has undertaken several projects. The Shiba Inu network has gained recognition for achieving notable benchmarks and milestones.
Also read: Shiba Inu: How High Can SHIB Rise in 2023?
According to the latest data from IntoTheBlock, the bulls seem to be marching ahead when it comes to the second-largest meme coin.
200 billion SHIB bought by large whales
Data from IntoTheBlock reveals that 200 billion Shiba Inu were bought by large whales in the last week. This is a significant bullish outlook, as these large investors bought more SHIB rather than selling them.
Even though the scenario gives a bullish picture, the bears are standing in front as opposed to the bulls: 128 vs. 126. However, the data shows that there is an uptick in the number of buyers.
According to CoinMarketCap data, Shiba Inu is trading at $0.0000104, with a 1.1% spike in value over the last 24 hours. However, the 24-hour trading volume has dropped by 42% even though the market is trading in the green after a few days of bloodshed.
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