The crypto market’s overall performance has not been impressive, including memecoins like SHIB. The prices of almost all crypto assets declined over the past few weeks. But then, the story changed just when it seemed like the market was to witness high volatility.
With the strong influence of the bears, the value of digital assets took to the south. In addition, the recent collapse of one of the world’s prominent crypto exchanges, FTX, spiked an unfavorable shift in the space.
Following the trend in the market, the leading memecoins have shown strength in their movement. Though the entire market suffered, memecoins fared more positively than most crypto tokens.
Over the last week, Dogecoin (DOGE) rose by almost 14%. On its part, Shiba Inu (SHIB) has given a tremendous upward movement. This new strength in SHIB is raising eyes if the token could make more positive progress in the coming weeks.
Will SHIB Record A Price Jump Soon?
Despite the prevailing bearish market trend and other negative factors, SHIB displayed an impressive record. Several top whales have had massive SHIB holdings through the thin period.
As per data from Whalestats, Shiba Inu recorded up to 500 Ethereum whales that hold more than $76 billion worth of SHIB. Furthermore, it reported that the past two weeks had not significantly changed the SHIB holdings of the top 100 whales on the Ethereum chain.
Shiba Inu gathered more value as Elon Musk took over Twitter. This created a spike in the value of SHIB, causing the coin to hit a new ATH in October 2022. After Musk’s acquisition, Shiba Inu was competing favorably against Dogecoin. As a result, arguments erupted online over which memecoin between SHIB and DOGE will hit $1 first.
Even though the collapse of the FTX crypto exchange drained what the memecoin accrued during the period, there’s still hope for it.
SHIB, One Of The Safest Crypto Coins?
The crypto space has been facing growing fear and doubts with the collapse of FTX and the twists of events that followed it. As a result, investors now desire safe investment options in the crypto market to secure their funds.
A report from Santiment Insights highlighted Shiba Inu as one of the safest coins for investment in the current crypto market.
On-chain, data revealed the transfer of about 1.8 trillion SHIB coins in several exchanges early this week. Also, there were similar transfers of Shiba Inu from giant whales following the collapse of the FTX crypto exchange.
According to Santiment, Shiba and Uniswap are historically within the assets group with the lowest purchasing risk. However, they are at the bottom among the top 10 tokens based on Market Cap versus Realised Cap (MVRV) calculations.
Featured image from Pixabay, chart from TradingView.com
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