• Shiba Inu (SHIB) has seen 4% gains in the past 24 hours as it is currently the most traded token among the top 100 Ethereum whales.
• The top 500 Ethereum whales are currently holding a massive stack of SHIB worth $579 million.
• This shows that the whales have bullish conviction about Shiba Inu despite their holdings being lower than a year ago.
Shiba Inu (SHIB) has been on an upward trajectory as of late, with the meme coin seeing 4% gains in the past 24 hours as it has become the most traded token among the top 100 Ethereum whales. According to data from the crypto whale tracker service WhaleStats, Shiba Inu has been the number one traded coin among the 100 biggest Ethereum whales today.
This indicates that the whales have bullish conviction about Shiba Inu despite their holdings being lower than a year ago. The top 500 Ethereum whales are currently holding a massive stack of SHIB worth $579 million, which is still significantly lower than the $1 billion they used to hold in their wallets at one point. The fact that these large holders are still holding such a large amount of Shiba Inu shows that they are still confident in the asset and believe it will continue to appreciate.
Moreover, the popularity of Shiba Inu has been increasing in the past few months, with the cryptocurrency seeing a surge in trading volumes and becoming one of the top 10 most traded tokens on Ethereum. This increased popularity is likely due to the coin’s meme-coin status, as well as its low cost of entry compared to other tokens.
In addition to the whales, there is also a significant number of retail investors that are getting involved in the Shiba Inu trading game. This is likely due to the coin’s low cost, which makes it an attractive option for those looking to get into the crypto markets with a small amount of capital.
At the moment, Shiba Inu is one of the hottest tokens in the crypto markets, with the asset becoming increasingly popular among both whales and retail investors. The whales’ bullish conviction towards the asset suggests that the meme coin will continue to see upside in the near future.