The leading 1000 wealthiest Ethereum wallets are demolishing the popular memecoin Shiba Inu (SHIB) at a disconcerting rate.
Those leading Ethereum wallets acquired more than $88 million worth of SHIB over a 24-hour duration, according to the whale-monitoring bot WhaleStats.
One address, the 262nd-largest Ethereum wallet, acquired more than $34 million worth of Shiba Inu throughout that 24-hour duration.
Another whale, the 29th-largest Ethereum wallet, purchased almost $40 million worth of SHIB.
Shiba Inu is trading at $0.000021 sometimes of composing, down 25% from where it was priced a week earlier. The 14th-largest crypto property by market cap is likewise down almost 45% in the previous month.
SHIB is a meme token that intends to be an Ethereum-based option to Dogecoin (DOGE). The crypto property can be utilized for payments at numerous merchants or on its decentralized exchange ShibaSwap for non-fungible token (NFT) purchases and staking.
In overall, the leading 1000 Ethereum wallets hold more than $1.155 billion in SHIB, representing 13.78% of their non-Ethereum (ETH) holdings, according to WhaleStats. That’s 2nd just to FTX Token (FTT), which represents about 15.56% of the addresses’ non-ETH holdings.
FTT is the exchange token of FTX, a cryptocurrency derivatives trading platform for futures, leveraged tokens and over the counter trading.
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Included Image: Shutterstock/Alexander Limbach/WindAwake