Shiba Inu Becomes The Largest Token Held By Ethereum Whales

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There have been many activities in the Shiba Inu ecosystem, including the massive burn rates and the launching of its metaverse. Recently, Shiba Inu has taken a step further to become the most prominent digital coin acquired by the top 100 Ethereum whales after surpassing the FTX token (FTT). 

These developments are linked to significant projects in the ecosystem, which have seen a drop in SHIB prices, thereby encouraging whales to accumulate more SHIB tokens.

ETH Whales Acquires SHIBs worth $1.28B 

According to data from WhaleStat, the Largest ETH wallets own over $1.28 Billion worth of SHIBs, which is 14.17% of their total holdings. Furthermore, this new accumulation saw SHIB overtake FTX, which stood at the top for a while. Currently, ETH whales hold $1.15 Billion worth of FTX coins, making up 12.82% of the whale wallets’ total holdings. 

The FTX token led the list of top 10 coins sold in the last 24 hours. However, the token stood in the fourth spot in the past 30 days. SHIB, on the other hand, grabbed the seventh spot on the exact 30 days tally. This analysis shows that the ETH whales are heavily selling both coins, based on the crypto market’s current weakness.

SHIB Burning: 1.3 Billion Shiba Inu tokens burned in the Last 24 Hours 

Shibburn recorded that over 1.3 billion SHIB tokens were ejected from the supply cycle, which took about 14 transactions. Over 131 million SHIBs have been burned today within just seven transactions.

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 capitalisation of $13.11 Billion.