Altcoin
Shiba Inu Becomes Largest ETH Whales Holding; Flips This Token
Shiba Inu, the world’s second largest meme cryptocurrency prices dropped by around 12% over the past 30 days. However, this price move has encouraged the Ethereum (ETH) whales to add more SHIB tokens.
Whale interest spikes for Shiba Inu?
According to the Whalestats, Shiba Inu has managed to flip the stETH to become the biggest token held by the top 100 ETH wallets. The largest of the whales are now holding $161.5 million worth of SHIB tokens. While stETH cumulative worth holding by dollar has dropped to stand at around $129 million.
As per data, the top 100 ETH whales were holding around $142.39 million worth of Shiba Inu on September 24, 2022. However, the biggest whales have purchased 1.69 trillion SHIB tokens over the past 2 days. The whale accumulation worthed around $18.6 million.
Whales’ interests seem to be increasing in adding more Shiba Inu. Whalestats reported that SHIB token has landed on the list of top 10 tokens purchased among the biggest 500 ETH whales over the last 24 hours.
Meanwhile, this whale accumulation cannot be depicted in the Shiba Inu prices. SHIB prices are down by 5% in the last 24 hours. It is trading at an average price of $0.000011, at the press time. However, its 24 hour trading volume is also down by 46% to stand at $3131.3 million.
A surge in burn rate
However, a huge spike can be seen in the Shiba Inu token burn rate. Shibburn reported that the burn rate has skyrocketed by 800% in the last 24 hours. ShibArmy has sent over 128 million SHIB tokens to a dead wallet over the past day.
It should be noted that this surge has come amid the collapsing meme crypto market.
Earlier, Coingape reported that Shiba Inu is planning to take down the total circulation of its supply. However, meme crypto recently launched its blockchain-based card game in Australia. Meanwhile, the ShibArmy is still awaiting further updates on the game and burn mechanism.
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.
