Shiba Inu (SHIB) Becomes Most Traded Coin By Top ETH Whales

Self-claimed DOGE killer, Shiba Inu’s Trading volume Skyrocketed by a whopping 420% in the last 24 hours. As per the data revealed by WhaleStats, SHIB token managed to flip CRV token to emerge as the most traded token by 1,000 biggest Ethereum wallets.

The 1,000 biggest Ethereum wallets are worth an average of $154.4 million and have an average of 40,459 ETH, 36 tokens, and 1 NFT.

SHIB Inu Becomes Favorite Choice for Ethereum Whales?

Top 1,000 Ethereum whales continued to trade SHIB as the coin saw a huge surge of over 26% in the past 24 hours. Data shared by WhaleStats, also reveals that Shiba Inu is 3rd biggest holding by the Ethereum whales. ETH and FTX token stands at 1st and 2nd positions respectively. Image below shows top 5 purchases by top 1000 Eth whale wallets.

As we dig in, Data reveals that SHIB is also the 5th most purchased coin by the 1,000 biggest ETH wallets in the last 24 hours.

Meanwhile, data from WhaleStats also show that Giants are holding 26% of Shiba Inu’s total supply.

SHIB Price Soars; Trading volume Rises 420%

SHIB prices saw a surge of over 26% to break the 3-month-old downtrend. The biggest number that needs to be focused on is the whopping 420% increase in the last 24-hour trading volume. Crypto whales are continuously acquiring more and more SHIBs, while Token burn mechanisms are helping to decrease the DOGE killer’s supply.

Analysis by CoinGape Market suggest buyers may soon get a buy the dip opportunity as Shiba Inu retests prior resistances.

To continue with the current upside momentum SHIBA has to give a decisive close above the bearish slope line with good volumes.  This would mean breaching the ‘double top formation’.

SHIB burn data reveals that more than 410 trillion tokens have been burnt from the starting supply of one quadrillion tokens. Meanwhile, SHIB has managed to regain its $15 Billion market capitalization with a circulating supply of 549,063,278,876,302 SHIB coins.