Shiba Inu (SHIB), the second largest dog-themed coin, continues to be backed by whale investors. Data from Etherscan shows that more than 8.5 billion SHIB tokens have been moved in just two trades within a short period of time today.

Whales keep betting on SHIB

According to the records, one transaction was a transfer of approximately 4.3 billion SHIB by a wallet called to an unknown wallet. The second transaction was 4.2 million SHIB moved between two undisclosed wallets. Both trades were worth about $208,165 at the time.

Another notable trade during the day was the transfer of approximately 2.4 billion SHIB to a Binance wallet. The trades are a continuation of an established trend among ETH whales.

Since last year, when the token came to prominence, SHIB has been ranked in the top ten of the 1000 largest Ether wallets according to data on WhaleStats, a tool that tracks the statistic. As of today, SHIB is the second largest holding company in the investor category. Their total holdings are over $1.5 billion in SHIB.

SHIB is surpassed only by the native token of the crypto exchange FTX, the FTX token of the same name. However, it is not uncommon for SHIB to flip FTX token, as it has often done in the past, even as recently as earlier this month.

Meanwhile, Whalestats data is also: shows that the Shiba Inu smart contract is the most widely used Ethereum smart contract in the top 500 ETH whales of the past 24 hours.

Shiba Inu ecosystem development fuels speculation

Massive on-chain SHIB activity could point to bullish sentiments surrounding all of the exciting developments taking place in the SHIB ecosystem. In late March, the developers of the memecoin revealed new details of a metaverse project in development.

Dubbed “SHIB: The Metaverse”, the colorful virtual world will have more than 100,000 lots spread across four districts that will all have unique features. All tokens from the Shiba Inu ecosystem, including SHIB, BONE and LEASH, will also play a key role in the metaverse.

Equally exciting was the announcement of a “partner SHIB” with payment service provider NOWpayments, as well as work on an integrated token burning mechanism.

However, SHIB continued to trade slowly in the market. The joke coin is currently trading at $0.0000247, up 0.19% in the last 24 hours. In the past week, it is down 6.34%.


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About the author

Olivia’s interests span the entire cryptocurrency and NFT and DeFi industry. She remains as fascinated with cryptocurrencies today as she was in 2017 when she first started reading about them. She is actively looking for the latest Crypto related stories. When she’s not writing, she tends to her pet Chihuahua or prepares vegan recipes. Reach me at [email protected]

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