Shiba Inu (SHIB) Now The Largest Token Held By Ethereum Whales

Shiba Inu (SHIB) has overtaken the FTX token (FTT) to become the biggest coin held by the top 100 Ethereum (ETH) whales. The token saw a large jump in interest after the Shiba community announced  a metaverse project to expand its ecosystem. This seems to be worked out for the meme cryptocurrency, with ETH whales accumulating SHIB as the price drops.

ETH whales hold $1.28B worth of SHIBs

As per data provided by WhaleStats, the Largest ETH wallets own over $1.28 Billion worth of SHIBs which makes up 14.17% of their total holdings. The new holdings saw SHIB overtake FTX, which had held the top spot for quite some time. As of now, ETH whales hold $1.15 Billion worth of FTX coins, which makes up 12.82% of the whale wallets’ total holdings.

The FTX token can be seen leading the list of top 10 coins sold in the last 24 hours. However, the token can also be seen grabbing the 4th spot on the list of top 10 coins sold in the past 30 days. SHIB can also be seen grabbing the 7th position on the same 30 days tally. This directly indicates the heavy selling of both the coins by ETH whales, given current overall weakness in the crypto market.

1.3 Billion SHIBs tokens burned in last 24 hours.

The Shibburn, a Shiba Inu burn tracker, has reported that more than 1.3 billion SHIB tokens have been sent to a dead wallet. This much amount of meme crypto was burned in just 14 transactions. Meanwhile, over 131 million of SHIBs have been burned today now within just 7 transactions.

Both the updates from Ethereum whales and Shibarmy are playing a supporting role for the coin amid the price dump. Recently, Shiba Inu announced that the early access land bidding for the SHIB: The Metaverse will start this weekend. However, the first preference will be given to LEASH token holders.

The Shiba Inu is trading at an average price of $0.000024, at the press time. Its 24 hour trading volume has seen a marginal rise of 4%. According to CoinMarketCap, SHIB is still the second largest meme-cryptocurrency with a total market capitalization of $13.11 Billion.