Shiba Inu surged by 26% during Monday’s early Asian trading hours. Amidst the price increase, the dominance of SHIB wales on the Ethereum network has also jumped once again.
Data from WhaleStats shows that whale addresses hold around $1.5B worth of SHIB in their wallet address.
Whale addresses add SHIB to their balances
Large SHIB traders on the Ethereum network have significantly increased their meme coin holdings. Following the buying pressure, the concentration of SHIB on whale addresses sits at 26%.
Data from CoinGecko shows that SHIB has made a significant uptrend during the past 24 hours, with the prices rising to the resistance level of $0.00002903. The meme coin was last trading at these levels on January 13 before the crypto market plunged.
The SHIB gains come amid a recovery across the broader cryptocurrency market. Bitcoin and Ethereum have gained significantly to $42,000 and $3100, respectively. Over the past few months, the meme coin has not shown any major price movement due to a lack of buying pressure. This resulted in a large portion of supply being concentrated in mid-term holders.
SHIB team going for mainstream adoption
The team behind the meme coin has also been pushing for adoption. Shiba Inu has been working to be a Dogecoin killer by deriving real-world uses, and a recent partnership with an Italian fast food restaurant might make this happen.
The fast-food restaurant, in this case, is known as Welly’s. The restaurant has since rebranded, such that it features the Shiba Inu logo. Moreover, it will also accept payments in Shiba Inu. A Shiba Inu dog is also the new mascot for the restaurant, and it has adopted a new tagline that involves the creator of the meme coin, Ryoshi.
The Shiba Inu team also recently announced the launch of the Shiba Inu layer 2 public testnet. The layer 2 solution is almost launching, which could fuel the network’s adoption and trigger SHIB gains. At the time of writing, SHIB was trading at $0.000027, and it is still showing bullish signs.
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