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Whales Love Shiba Inu: Top 1,000 Ethereum Wallets Hold $2.36 Billion SHIB

Stock photo of a whale. (Richard Sagredo/Unsplash)

Stock photo of a whale. (Richard Sagredo/Unsplash)

The 1,000 richest Ethereum (ETH) wallets hold more than $2.36 billion worth of Shiba Inu (SHIB) combined.

What Happened

According to data from WhaleStats, Shiba Inu is now the top ERC-20 token holding amongst Ethereum whales, excluding ETH itself.

At the time of writing, the top 1,000 ETH wallets held a combined value of $2,365,211,253 which represented 21.18 percent of their overall holdings.

After SHIB, the most held asset was Crypto.com Coin’s native token, which rallied over 75 percent in the last seven days.

Much of Shiba Inu’s price momentum has been determined by whale activity over the course of the year. In fact, data from The Block revealed that aside from exchanges and burning addresses, eight entities control over 70 percent of Shiba Inu’s circulating supply.

What Else

Earlier this week, AMC Entertainment Holdings Inc. CEO Adam Aron announced the movie theater chain would begin accepting Shiba Inu as payment for tickets and concession items within the next 60 to 120 days.

The company already accepts cryptocurrencies such as Bitcoin and Ethereum and said it will soon roll out acceptance for popular meme-based cryptocurrency Dogecoin.

Price Action

On Thursday morning, Shiba Inu was trading at $0.00004268 with a trading volume of $2.6 billion. The meme-based cryptocurrency was down 12.36 percent in the last 24 hours.

By Samyuktha Sriram

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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