- Clay of ClayBro YouTube channel says there are three factors affecting Shiba Inu’s growth.
- The three factors include whale transactions, Shibarium statistics, and social statistics.
- SHIB transactions skyrocketed by 335%, with two million Shibarium wallets in sight.
According to Clay, host of the ClayBro crypto YouTube channel, the three factors affecting Shiba Inu’s growth are whale transactions, Shibarium statistics, and social statistics. Clay noted that a combination of these three factors is generating healthy growth for the Shiba Inu ecosystem, despite not reflecting on the SHIB price.
In a recent video uploaded on YouTube, Clay noted a particular social statistic that he considers significant for Shiba Inu in its current state. According to the analyst, SHIB transactions skyrocketed by 335%, with two million Shibarium wallets in sight. Although the number of Shibarium wallets wasn’t close to two million at the time of Clay’s presentation, he acknowledged it would be the next milestone after crossing one million.
Clay considered the rapid growth in whale transactions a significant development in the Shiba Inu ecosystem. He noted that as of August 26, there were nearly zero dollars in whale transactions. He defined whale transactions in this context as any transaction over $100,000 in Shiba Inu coins.
According to Clay, whale transactions started to rise from August 27 to August 29 and dropped drastically on August 30 before resuming their impressive increase. Clay singled out a particular day, September 2, when up to $40 million was recorded in SHIB whale transactions. That represents over 50% of the entire volume of SHIB transactions recorded on that day.
Despite appreciating the inflow of funds into the Shiba Inu ecosystem, Clay identified the dangers of having a few traders controlling the market. According to him, the whales need only a slight upward price movement to make significant gains, and that could work against the potential benefits of retail investors.
Clay noted that with a rally as little as 10%, a whale who invested $40 million would make $4 million in profit and could decide to sell. Doing so would affect the market by slowing down the rally. Hence, whale dominance could eventually work against SHIB’s potential rally.
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