The meme coin craze that started with Dogecoin’s 20% rally is spilling over the Shiba Inu (SHIB) network. Data provided by WhaleStats confirms increased whale activity. So how can this affect prices? Here are the prospects…
Shiba Inu hits the top spot in whale wallets
The recent drop in Shiba Inu (SHIB) price seems to entice the biggest Ethereum whales to buy more. SHIB is down 2.5% in the last 24 hours, reversing most of its recent gains as the crypto market as a whole has fallen. Ethereum (ETH) whales, on the other hand, continue to show interest in the meme token.
Shiba Inu became the most valuable token among whales
A new report from WhaleStats shows that SHIB is the most popular token among the top 100 Ethereum whales, surpassing FTX Token (FTT). Ethereum whales are currently continuing their buying trend. Shiba is the first of the cryptocurrencies most bought by whales in the last twenty-four hours.
SHIB is currently held by Ethereum whales for around $1.2 billion. It accounts for more than 14% of the total assets of whale wallets.
Popular ETH whale “BlueWhale0073“ has purchased more than $7 million Shiba Inu in the last 24 hours according to statistics. It can be found on the Shiba Inu in the list of popular smart contracts among ETH whales.
ETH whales currently hold FTX as the second largest token. They currently hold over $1 billion in FTT in the most popular wallets. It accounts for more than 12% of the total weight of whale wallets.
Shibaburn platform burned more than 17 billion SHIB
Shiba Inu created a token burn platform to reduce the circulating token supply. More than 17 billion SHIB (about $404K) have been transferred to dead wallets since the Shibaburn website launched. However, $712,882,041 in 24-hour trading volume for SHIB is down nearly 35%.
SHIB may have benefited from Robinhood’s recent IPO and the promotion of its own metaverse and related ventures. When the price of BTC fell, the entire cryptocurrency market was shocked. Over the previous seven days, Bitcoin lost about 7% of its value, while SHIB lost about 8% of its value.
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