Traders Shift Focus to Shiba Inu as SHIB Becomes Top Weekly Gainer

While most large-cap assets remain in a downtrend, the latest Santiment data projects Shiba Inu as the top returning asset in the past week. 

As the Shibarium mainnet release approaches, Shiba Inu has received tremendous attention from crypto traders. This rising investor interest and whale accumulation have driven up SHIB’s price amid the prevailing dull state of the market. 

Over the past week, the canine-themed token retained its position as the only top crypto asset to post a multi-digit gain. Notably, the community-driven token is up 16% over the past week at the time of writing, per CoinMarketCap data.

Santiment Projects SHIB’s Performance 

The leading behavior analysis platform Santiment further corroborated this interesting fact on Thursday. As stated by Santiment, SHIB is the top returning asset on the weekly timeframe, surpassing Bitcoin’s weekly percentage gain by a wide margin. 

? Prices are mildly up for #altcoins today, but most mid & small caps are still struggling to gain any traction on the weekly timeframe. Many traders have shifted their focus to #ShibaInu, as the #memecoin is one of the few bright spots. $SHIB is +19% with rising social volume. pic.twitter.com/RNXashVDQo

— Santiment (@santimentfeed) August 10, 2023

The on-chain data analytic platform further revealed that numerous investors had switched their priority to SHIB amid its sustained rally. 

This is evident in the noticeable whale activities on SHIB. As reported by The Crypto Basic, whales recently moved 4.3 trillion SHIB tokens ahead of the Shibarium launch. 

The latest data on CoinMarketCap also showed that the asset’s market cap has also risen dramatically in the past week.

At press time, Shiba Inu boasts a market cap of over $5.8 billion, with over 308 million worth of SHIB traded in the past 24 hours. This 24-hour trade value translated to 30.8 trillion SHIB tokens. SHIB is also the highest gainer in the last week among the top 100 assets, with a 16.59% increase.

While most mid and small-caps altcoins struggle to gain attention in the market, Santiment revealed a 65%+ increase in SHIB’s rising volume. 

Most Shiba Inu Investors Seeing Losses

Despite these bullish developments, IntoTheBlock data showed that only 33% of wallets holding SHIB are profitable. This suggests that a total of 421.85K addresses are witnessing gains in their SHIB investments.

Data pulled from @intotheblock shows that about 33.03% of wallets holding $SHIB are currently in profit, this might increase as time goes . pic.twitter.com/GkUTK5pQfX

— Chain Afrik (@ChainAfrik) August 11, 2023

As further projected by the popular market intelligence platform, 62.49% of wallets holding SHIB are currently in loss. This translates to 798.18K SHIB addresses. 

However, several market watchers believe SHIB price would rally high post-mainnet launch of Shibarium. In essence, more addresses could record profits if the much-awaited layer-2 solution works as expected.