Crypto NewsEthereum (ETH)

Ethereum Whale Raises 163,200,000,000 Shiba Inu (SHIB) as Memecoin Witnessing Trading Volume Spike: On-Chain Analysis

Ethereum (ETH) whales accumulate the Dogecoin (DOGE)-competitors Shiba Inu (SHIB) in the billions, while memecoin trading volume skyrockets.
According to whale watching platform WhaleStats, the top 100 ETH whales bought 163.2 billion SHIB in the last 24 hours.

Source: WhaleStats
The feeding frenzy resulted in the dog-themed token topping the list of top 10 crypto assets by trading volume, according to Ethereum whales.

Data shows that SHIB is the second most held token among whales behind ETH, with an average holding of 513.8 billion tokens worth just over $5.26 million.

Rounding out the top 5 list of crypto assets that ETH whales are flocking to are the popular stablecoins Tether (USDT) and USD Coin (USDC) as well as the native token of the Bitpanda crypto exchange BEST.

Other prominent tokens held by the whales include MXC, which promotes the exchange of Internet-of-Things tokens via non-fungible tokens (NFT) marketplaces, FTX Token (FTT), the native asset of the FTX crypto exchange, cross crypto exchange app SwissBorg (CHSB) and gaming metaverse Decentraland (MANA).

Shiba Inu barely ousted USD Coin on the list as USDC holds an average amount of $5.24 million according to the data.

The 880th ETH whale, known as BlueWhale0073, added to the SHIB numbers by recently buying a staggering 163.2 billion Shiba Inu worth about $1.57 million.

Shiba Inu is changing hands at $0.00001 as of this writing, a small drop on the day but a massive 88% drop from his all-time high from $0.000082 which was set last October.
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