- With regards to Shiba Inu (SHIB) specifically, there has been a huge amount of interest from Ethereum (ETH) whales over the last months.
- One of the possible reasons for this can be the fact that SHIB is burning a huge chunk of its tokens.
- SHIB is currently trading at $0.00001084 after a 1.78% drop in price over the last 24 hours.
On June 4, WhaleStats Tweeted that “the top 500 ETH whales are holding $903,803,795 FTX Token, $629,675,496 SHIB, $256,638,364 BEST (NYSE:BEST), $165,493,872 CHSB, $133,388,304 MXC, $124,763,282 MANA, $212,151,355 LINK and $105,266,592 LOCUS.”
With regards to Shiba Inu (SHIB) specifically, there has been a huge amount of interest from Ethereum (ETH) whales over the last few months. At the moment, SHIB is one of the most held tokens among the wealthiest Ethereum whales.
One of the possible reasons for this can be the fact that SHIB is burning a huge chunk of its tokens. At the moment, around 410.34 billion SHIB tokens have already been burned, with around 523.98 million tokens being burned in the last 24 hours alone.
Burning SHIB could be very beneficial to the token holders as it increases the scarcity of the token, which could then possibly increase the value of the token. This, however, is not always the case.
Another possible reason for SHIB’s popularity among ETH whales could be the fact that the meme coin launched its metaverse with 100,595 plots of virtual land.
SHIB is currently trading at $0.00001084 after a 1.78% drop in price over the last 24 hours, and after reaching a high of $0.00001105 over the same time period.
SHIB’s market cap currently stands at $5,934,216,512. The meme coin also saw a 24-hour trading volume of $25,242,247, which is a 1.52% increase from yesterday. The increase in trading volume could be due to the recent accumulation drive of SHIB by Ethereum whales.