News

Why ETH Whales Are Scooping Billions Of Shiba Inu Tokens Right Now?

Shiba Inu News: SHIB token land in the top 10 list of tokens purchased by the largest 100 ETH whales in the last 24 hours
Published by
Why ETH Whales Are Scooping Billions Of Shiba Inu Tokens Right Now?

Shiba Inu News: Shiba Inu, the world’s second largest meme cryptocurrency didn’t get the desired gains in the year 2022 due to the multiple collapses in the market. However, recent updates coming from the Shiba Inu ecosystem have motivated and assured the community of some good times ahead amid the increased volatility in the market.

Advertisement

Shiba Inu among favs of ETH whales?

As per the report, Shiba Inu Ecosystem’s long planned Layer 2 blockchain solution, Shibarium dropped a much anticipated update. It highlighted that the Beta launch is expected to happen in early 2023.

It mentioned that Shiba Inu’s Bone ShibaSwap (BONE) token will serve as the required gas token within the Shibarium. However, this time it added that each transaction done will burn the Shiba Inu token in the process.

This recent announcement has pumped the Ethereum whales to add more Shiba Inu in their wallets. As per Whalestats, SHIB token flipped Wrapped Ethereum (WETH) for the most traded token among the top 1000 whales. Read More Shiba Inu News Here…

While a whale address named BlueWhale0159 bought 187 billion Shiba Inu token in a single transaction. The total worth of the purchase stands at around $1.5 million.

As per the data, Shiba Inu is in the top 10 list of tokens purchased by the largest 100 ETH whales in the last 24 hours. SHIB token also made it the most used smart contract by the same whales.

Data suggests that the top 100 ETH whales are now cumulatively holding $44.2 million worth of Shiba Inu tokens with them. This makes up just 2% of their total holdings.

Advertisement

Will SHIB Burn help its price to surge?

The update from the Shibarium depicts that the BONE will be the only crypto for transactions in Shibarium. While Shiba Inu holders (which hold over 1 million SHIBs) will need to make transactions in Shibarium to burn their tokens.

With every transaction, SHIB tokens will be sent to a dead wallet. This move will help the community to lock in huge amounts of SHIB tokens which can boost the Shiba Inu price in the future.

Advertisement

Share
Ashish Kumar

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 ashish@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?

Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…

October 26, 2025
  • News

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…

October 25, 2025
  • News

Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role

Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…

October 25, 2025
  • News

Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms

Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…

October 25, 2025
  • News

Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing

Ripple-backed Evernorth's XRP treasury has grown to $1 billion just days after the company announced…

October 25, 2025
  • News

Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit

In fresh developments, the United States and China’s trade teams have commenced negotiations on the…

October 25, 2025