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HomeCrypto NewsExplosive Momentum of Shiba Inu as It Flips WETH Among Top ETH...

Explosive Momentum of Shiba Inu as It Flips WETH Among Top ETH Whales

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Shiba Inu (SHIB) recently flipped Wrapped Ethereum (WETH) to become the most traded asset among the 1,000 largest Ethereum whales. The transition occurs as SHIB, the highest-performing asset among the top 100 assets by market capitalization, has gained 12.14% during the last 24 hours.

In a recent tweet, the whale tracking platform WhaleAlert observed the milestone. Among the top 1000 ETH whales, “JUST IN: SHIB flipped WETH for MOST TRADED token,” according to WhaleStats.

The canine-themed token has also accomplished other outstanding feats, according to the official WhaleStats portal, indicating a sharp rise in investor interest when the asset is successfully defying the trend.

Shiba Inu is reportedly the top token by dollar value among the 100 largest Ethereum whales. Moreover, its smart contracts are the fifth most used among these whales, comprising 5.99% of their selections – second only to ETH, USDC, and USDT in popularity.

Evidently, SHIB is not just popular among large-scale investors, with the top 100 ETH whales collectively accumulating $714.8 million in SHIB. Their holdings are higher than those of USDT (17.39%) and USDC (14.45%), indicating a shift towards this token.

Read article: Binance Transfers 6.4T Shiba Inu; No Effect on Price

What Could be Triggering SHIB Price Action?

Despite recent market-wide pushback that led to most assets trading flat over the last 24 hours, SHIB has gained 12.14%. A spike in interest has been fueled by a number of encouraging developments and the ongoing hype surrounding Shibarium, supporting the asset’s price movement.

The Shiba Inu development team and other partners have been providing updates on the development as the community awaits the release of Shibarium. The team building Shibarium, the Unification Foundation, and the SHIB developers disclosed that they have been working on the Oracle of Oracles (OoO) solution as they get ready to introduce it to Shibarium.
SHIB has taken control of the $0.000014 region and is aiming for the $0.000015 region. As of the time of publication, the asset is now trading at $0.00001385, up 16.15% from the previous week. Renowned analyst Ali recently stated that SHIB could soar to the $0.000017 region if it keeps trading above the support of around $0.000011.

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