Ethereum (ETH) whales are accumulating Dogecoin (DOGE) competitor Shiba Inu (SHIB) by the billions as the memecoin’s trading volume spikes.
According to whale-watching platform WhaleStats, the top 100 ETH whales have bought 163.2 billion SHIB during the last 24 hours.
The feeding frenzy caused the dog-themed token to crack the list of top 10 crypto assets by trading volume among Ethereum whales.
The data reveals SHIB is the second most widely-held token amongst the whales behind ETH, with an average amount of 513.8 billion tokens worth just over $5.26 million held.
Rounding out the top five list of crypto assets ETH whales are flocking to are 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 enables Internet of Things tokens to be swapped through non-fungible token (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 edged out USD Coin on the list as USDC has an average amount of $5.24 million held, according to the data.
The 880th-ranked ETH whale, known as BlueWhale0073, contributed to the SHIB numbers by recently purchasing a staggering 163.2 billion Shiba Inu worth about $1.57 million.
Shiba Inu is changing hands at $0.00001 at time of writing, a small dip on the day but a massive 88% decrease from its all-time high of $0.000082 set last October.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.