Shiba Inu Emerges As Top Choice Of ETH Whales; Here’s Why

Shiba Inu (SHIB) toke has managed to hold its position in the biggest Ethereum (ETH) whale wallets amid the increased volatility in the global crypto market.

Top 2k whales hold $608.6 mln worth SHIB

According to WhaleStats, the SHIB token has emerged to be the biggest token held by the top 2000 ETH whales. The data shows that these wallets are holding around $608.6 million worth of Shiba Inu tokens. Meanwhile, whales have also accumulated $379.5 million worth of new tokens named “ShibDoge”.

However, SHIB is the second largest token held by the biggest 1000 Ethereum wallets. They own around $592.9 million worth of Shiba Inu tokens.

As per the data, the largest of the 100 ETH whales are holding $536.9 million worth of Shiba Inu tokens. It takes around 16% of its total holdings. It is the biggest token held by them.

XRP whale adds 20 trillion Shiba Inu

As per the report, an XRP whale transferred around 20 trillion SHIB tokens from Binance to its wallet. The transfer worthed around $210.1 million. This has been reported as the single largest transaction ever in the history of SHIB. The whale is now holding around 48.7 trillion Shiba Inu tokens.

The Shiba Inu is trading at an average price of $0.000010, at the press time. SHIB prices are up by 6% over the past 7 days. The world’s second largest meme token is holding a market cap of more than $5.69 billion.

The biggest whales’ interest is likely spiked due to the recent announcement done by the Shiba Inu. Shytoshi Kusama, a lead developer of ShibaSwap declared that the Shiba ecosystem will be launching a new token. The release mentioned that the new token will be named “TREAT”.

Kusama mentioned that the Treat token will be first used as a reward in the ecosystem. However, it was earlier announced that BONE tokens will be used as a reward in Shibarium. Meanwhile, the new token will be used as a reward for everything else than the production of validators.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.