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Shiba Inu (SHIB) and Dogecoin (DOGE) led seven-day returns as Bitcoin and other major cryptocurrencies broke above resistance levels and stabilized over the weekend. As per the WhaleStats website that tracks down the 100 largest wallets on Ethereum, BSC, and other blockchains, Shiba Inu remains the top holding of whales who are invested in ETH-based tokens.
The second-largest meme cryptocurrency holds first place by U.S. dollar volume among their crypto holdings. As of this writing, these investors are holding US$558,818,957 in Shiba Inu. That equals 51,127,077,493,138 tokens and 14.99% of their comprised crypto portfolio. USDC sits in second place after Shiba Inu on this list of crypto holdings, with new meme token ShibDoge holding third place here. Whales are holding US$384,780,192 worth of this token. That is 10.32% of their total portfolio, according to the website. It is followed by USDT, and Shiba's regular rival FTX Token holds fifth place this time with the stash comprising 9.82% of whales' portfolio which is US$366,038,115 worth of FTT.
Shiba Inu's price has been on the back foot after it lost backing from Elon Musk, but then some other big investor whales picked up the currency, initiating a relief rally. That recovery now looks to be cut short, however, as bulls have been unable to refrain from taking profit, inadvertently triggering a fade to the downside that only made even more bulls sell their holdings for fear of a complete collapse of the trade. Bear in mind that the current sentiment in global markets is still very jittery, where a collapse is possible at any moment on the back of comments from central bankers.
Meme coins outperformed the broader market, with SHIB posting returns of over 40% and Dogecoin's DOGE tokens climbing more than 30% over the period. The tokens fell in the past 24 hours on profit-taking. SHIB lost 6% and DOGE fell 7.4%.
SHIB rose to as high as $0.000011 on Sunday from last week's low of $0.000008, while DOGE spiked to over 7 cents from last week's 5-cent low. Such price action caused futures tracking the two tokens to rack up millions of dollars in liquidation losses, as per Coinglass data.
To this note, some observers said there may have been fundamental reasons behind the gains. "The parabolic move by SHIB is mainly fueled by the coming Shibarium protocol," shared Adam O'Neill, CMO at crypto exchange Bitrue, in an email. "This move is also partly coming from SHIB burnt token that has reached a total of 400 trillion milestones."
Elon Musk has always been vocal about how he supports Dogecoin and Shiba-Inu-themed cryptocurrencies despite the recent lawsuit filed against him and his companies, Tesla and SpaceX. Shiba Inu's price started making an uptrend, recovering from the slump in the meme coin's price chart. Elon Musk often tweets about different cryptocurrencies, and in doing so, has seemingly impacted their prices. A few times throughout 2021, the price of an altcoin called Shiba Inu appeared to jump after Musk repeatedly posted images of his Shiba Inu puppy on Twitter. Recently, when Elon Musk wrote that he will keep supporting Dogecoin there was a huge price surge that helped DOGE to survive the crypto bloodbath.
The Qatar Economic Forum is a key event that convenes some of the world's most influential financial and economic thinkers and policymakers. Musk's support for the Shiba-Inu-themed meme coin, therefore, had a significant impact on both Dogecoin and Shiba-Inu holders.
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