As the whole crypto market shows signs of slow recovery, Shiba Inu gained 8% in an hour, according to data from CoinMarketCap. The sudden spike also created a big green candle in the hourly chart.
However, the gain was short-lived, as SHIB is now trading at $0.0000138, a 3.36% increase in the last 24 hours. The whole market rebound seems to be slowly fading away as the majority of the crypto market seems to have slumped and is trading in the red.
At the time of writing, only ETH, BNB, and Shiba Inu seem to be trading in the green.
Whales scoop up billions of SHIB as trading volumes soar
The memecoin seems to have managed to stay robust amidst the slumping market. Shiba Inu trading volumes increased 118% in the last 24 hours, reaching $852,984,899 according to CoinMarketCap data.
In other news, a whale has managed to scoop up 52,470,888,570 SHIB. The whale already held SHIB in its wallet, and the purchase pumped the balance to 657,401,453,770.745 SHIB. The purchase by the whale was valued at $744,561.91.
According to the data from whale analyst WhaleStats, SHIB ranks first among the holdings of the top 1000 ETH whales. The SHIB holdings of the whales amount to $162,127,202 worth of SHIB.
Shiba Inu had a decent month as 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 in the last 7 days, SHIB has lost 6.7%.
Data from IntoTheBlock shows that Shiba Inu stands at the lowest 30-day correlation with Bitcoin at 17%. This might be a sign of a decoupling from the Bitcoin price trend, which would mean that the price movement of SHIB is less likely to be driven by the market as a whole.