Dogecoin Lags as Shiba Inu Attracts Big Investors

• Large scale SHIB holders surged from 27.06 billion SHIB to 161.15 billion SHIB on August 12.
• The meme coin project plans to debut a “new financial layer” in the near future.
• Analyst Oscar Ramos believes that SHIB is heading towards a massive breakout.

Shiba Inu (SHIB), the second-largest meme coin, is about to take off amid a broader bearish crypto market; on-chain data suggests. IntoTheBlock reports the whale wallets have scooped up their SHIB holdings, taking advantage of the recent price drop and it seems that these whales are bullish on the dog-themed cryptocurrency. 

Shiba Inu (SHIB), the second-largest meme coin, appears poised for growth despite a broader bearish crypto market, according to on-chain data. IntoTheBlock reports that whale wallets have significantly increased their SHIB holdings, taking advantage of the recent price drop. This suggests these large holders are bullish on the dog-themed cryptocurrency.

As per IntoTheBlock, the Shiba Inu whales have increased their holdings by a whopping 600%, bringing the attention of the crypto space on the meme coin. On the other hand, its major rival Dogecoin (DOGE) remains sluggish, despite being the largest meme coin by market capitalization and the 9th-largest cryptocurrency by market capitalization. 

IntoTheBlock confirmed that the total net flow of large scale SHIB holders surged from 27.06 billion SHIB to 161.15 billion SHIB on August 12, a massive increase which suggests that the recent price action lured the whales to scoop up the altcoin at significantly discounted prices. As per the data from CoinMarketCap, Shiba Inu is trading at a price of $0.00001339 at the time of writing, down 1.3% in the past 24 hours. 

Ranked as the thirteenth largest cryptocurrency with a market cap of $7.89 billion, Shiba Inu has plunged 5.63% in the past seven days and 28.29% in the past 30 days. However, the meme coin is up 35.27% since August 2023 but is down 84.85% from its all-time high of $0.00008845 witnessed in October 2021. 

According to a post on social media platform X (formerly Twitter), Shiba Inu developers are actively working on significant developments and plan to “create a worldwide decentralized system that’s accessible, efficient, and low-cost.” Furthermore, the meme coin project will also soon announce a new financial layer partner aiming to connect the Web2 and Web3 worlds.

Crypto analyst Oscar Ramos described Shiba Inu as a blue chip token, adding that the upcoming debut of new features will turn the price trajectory of the cryptocurrency bullish. According to Ramos, SHIB is heading towards the biggest rally the digital asset has ever seen.