Shiba Inu Kicks Off 2023 With 50% Rally, Becomes Ethereum Whale Favorite
2023 is already off to an outrageous start—for Dogecoin’s previously much less popular buddy, the Shiba Inu coin (SHIB). SHIB is up a whopping 50% in the first week of the new year, and has become an instant favorite of crypto whales.
Why Are Ethereum Whales Flocking to SHIB?
There are a few reasons why ETH whales are turning to SHIB.
First of all, it’s been coined “the better Dogecoin.” SHIB and Dogecoin have a lot of similarities—both coins are meme coins and both have a low circulating supply. The key difference is that SHIB is only available on a few exchanges, whereas Dogecoin is significantly more widely available.
Because SHIB is so hard to get and has a low circulating supply, it’s got a lot of scarcity value—which is something that whales definitely appreciate.
Also, SHIB is based on the Ethereum blockchain, and its dynamics are quite similar to those of other Ethereum tokens. That makes it easier for Ethereum whales to gain exposure to SHIB, and to start trading it more aggressively.
What Does the Future Hold for SHIB?
It’s hard to say what the future holds for SHIB. It’s definitely off to a stellar start in 2023 and it’s become a whale favorite in no time. However, the Ethereum blockchain is notoriously volatile, and the prices of tokens can change pretty quickly.
At any rate, we’ll be keeping a close eye on SHIB in the coming months. For now, ETH whales are clearly taking advantage of this new coin, and making the most of it.
Tips for Crypto Traders
If you’re thinking of jumping in on the SHIB bandwagon, here are a few tips to keep in mind:
- Do your research. Make sure you understand the coin and all of its risks before investing.
- Start small. Don’t go overboard with your trading—start with a small amount and work your way up.
- Proceed with caution. Crypto is volatile, and SHIB could be no exception. Proceed with caution and don’t let greed get the best of you.
Happy trading!
