Despite the recent volatility in the cryptocurrency market over the past three weeks, the top memecoins have fared comparatively better than most tokens. The collapse of FTX sent the cryptocurrency market into a negative mood in an already bearish market environment.
However, the major memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) fared better than most cryptocurrencies. Over the past week, the price of DOGE has increased by around 14%.
Will the price of SHIB explode before the end of 2022?
Amid several factors playing against the favorable market environment for cryptocurrencies in recent weeks, top whales continue to cling to their Shiba Inu (SHIB) holdings. According to data from Whalestats, the top 500 whales in Ethereum (ETH) have $76,578,704 worth of SHIB. In fact, the SHIB inventory of the top 100 whales in the Ethereum chain has been largely unchanged for the past two weeks.
🐳 Top 500 #ETH whales lobsters
Whale leaderboard 👇https://t.co/tgYTpOm5ws pic.twitter.com/9ATG4ys061
— WhaleStats (tracking crypto whales) (@WhaleStats) 30 November 2022
It will be recalled that Elon Musk’s takeover of Twitter drove Shiba Inu (SHIB) to a new all-time high at the end of October 2022. However, these gains were short-lived due to FTX’s situation. At one point after Musk’s acquisition, it was DogeCoin versus Shiba Inu to see which memecoin would hit the first $1. There was widespread expectation that Elon Musk would soon seek to integrate DogeCoin or Shiba Inu with Twitter for payments.
SHIB among the safest cryptoassets
According to Santiment Insights, Shiba Inu is potentially among the safest investments in today’s crypto market. Earlier this week, it was seen on the channel that there was a transfer of 1.8 trillion Shiba Inu tokens across multiple exchanges. Similarly, other transfers of large whales to SHIB came after the dramatic collapse of FTX.
“Uniswap and Shiba are both at the lowest levels among the top 10 assets based on the Market Cap Vs Realized Cap (MVRV) calculation. This suggests that they would present the lowest buying risk historically.”
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