The rally of dog-themed tokens as Shiba Inu (SHIB) led the recovery on Monday. Amid renewed bullish momentum in the market, SHIB was up more than 24%. Several other altcoins also posted decent gains, while Bitcoin (BTC) settled for a modest 3% over the past day. Top 100 SHIB Holders According to the latest statistics compiled by WhaleStats, the top 100 SHIB holders control more than a quarter of the memecoin’s total supply. Several cryptocurrency whales have continued to acquire a huge amount of SHIB in recent times. In fact, SHIB has also redeemed itself as the ‘most traded token’. The last week of January was devastating for investors, but the second-largest memecoin made a quick comeback as major holders or whales bagged more tokens, increasing their holdings. Last week, Etherscan encountered four such transactions, transferring a total of 63 billion SHIB tokens across four portfolios — likely acquisition transfers. The first two consisted of over 6.11 billion SHIB and 1.087 billion SHIB, respectively. The remaining two totaled more than SHIB 28 billion. The latest spike comes on the heels of the announcement of a layer 2 network called ‘Shibarium’, which will be launched soon. Touted by many as a game changer, the second version of the private testnet is already live. Another factor that catalyzed the upward trend over the weekend was Shiba Inu’s partnership with Italian fast-food restaurant Welly’s to roll out a SHIB-themed joint. Where is SHIB going? SHIBs even managed to outperform the OG memecoin and rival Dogecoin (DOGE), which is up around 7% daily. It surpassed two major overhead resistances along the way to climb to a price of $0.000029 at the time of writing. As a result of the surge, SHIB’s market cap soared to a whopping $15.3 billion, eclipsing Polygon (MATIC) while daily trading volume soared to $3.03 billion. According to CryptoPotato’s latest analysis, a decisive break above the $0.000026 hurdles is likely to open the floodgates to more profits in the near term. So far, the asset appears to be heading in the right direction for the bulls. SHIBUSD. Source: TradingView SPECIAL OFFER (Sponsored) Binance Free $100 (exclusive): Use this link to register and get $100 free and 10% off Binance Futures first month fees (conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% discount on trading fees.