Self-confessed DOGE killer, Shiba Inu’s trading volume shot up a whopping 420% in the past 24 hours. According to the data revealed by WhaleStats, the SHIB token has managed to flip CRV token to emerge as the most traded token by 1,000 largest Ethereum wallets.

The 1,000 largest 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 Favorite Choice for Ethereum Whales?

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

Top 1000 ETH Wallets Top 10 Owns

As we dig, Data reveals that SHIB is also the 5th most bought coin among the 1,000 largest ETH portfolios in the past 24 hours.

Meanwhile, data from WhaleStats also shows that Giants control 26% of Shiba Inu’s total stock.

SHIB price rises; Trading Volume Up 420%

SHIB prices rose more than 26% to break the 3-month-old downtrend. The biggest number to focus on is the whopping 420% increase in trading volume over the past 24 hours. Crypto Whales are constantly acquiring more and more SHIBs, while Token Burning Mechanisms help reduce the DOGE killer’s supply.

Analysis by CoinGape Market suggests buyers may soon have a chance to buy the dip as Shiba Inu retests past resistances.

To continue with the current upward momentum, SHIBA needs to deliver a decisive close above the bearish slope line with good volumes. This would mean breaking the ‘double top formation’.

SHIB burn data shows that more than 410 trillion tokens were burned from the starting supply of one quadrillion tokens. Meanwhile, SHIB has managed to regain its $15 billion market cap with a circulating supply of 549,063,278,876,302 SHIB coins.


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