As the entire crypto market shows signs of slow recovery, Shiba Inu gained 8% in an hour, according to data from CoinMarketCap. The sudden spike also sparked a large green candle in the hourly chart.
However, the gains were short-lived as SHIB now trades at $0.0000138, up 3.36% in the past 24 hours. The entire market recovery seems to be slowly fading as the majority of the crypto market appears to have collapsed and is trading in the red.
At the time of writing, only ETH, BNB and Shiba Inu appear to be trading in the green.
Whales scoop up billions of SHIB as trading volumes soar
The memecoin appears to have remained robust amid the slump market. Shiba Inu trading volumes rose 118% in the past 24 hours to $852,984,899 according to CoinMarketCap data.
In other news: a whale has managed to to show off 52,470,888,570 SHIP. The whale already had SHIB in its wallet and the purchase pumped up the balance to 657,401,453,770,745 SHIB. The whale’s purchase was valued at $744,561.91.
According to data from whale analyst WhaleStats, SHIB ranks first among the top 1000 ETH whales. The whales’ SHIB assets are $162,127,202 to SHIB.
Shiba Inu had a decent month compared to other major cryptos in the market. SHIB has gained 28.3% in the last 30 days and 11.5% in the last 14 days. In terms of performance over the last 7 days, SHIB has lost 6.7%.
Data from IntoTheBlock shows that Shiba Inu has the lowest 30-day correlation with Bitcoin at 17%. This could be a sign of a decoupling from the Bitcoin price trend, which would mean that SHIB’s price movement is less likely to be driven by the market as a whole.