Shiba Inu (SHIB) Sees Massive Inflow Of Ethereum (ETH) Whales – Here’s Why

A hellish amount of SHIB tokens burst into flames this November as Shiba Inu tries to shake off crypto winter.

Whale with Ethereum symbol on back swimming in the ocean next to Shiba Inu

The popular canine memecoin Shiba Inu (SHIB) is at the center of the Ethereum (ETH) whales’ attention once again. According to the WhaleStats tracking tool, SHIB is now the top-held cryptocurrency by the TOP 2000 ETH whales. At the minute, the TOP 2000 whales are hoarding the colossal sum of $76,473,563 in SHIB tokens.

Crypto Winter Serves a Wake Up Call for Ethereum Whales

Besides, yesterday SHIB gave birth to a baby whale as 1.2 trillion memecoin tokens were transferred to a single wallet, which rounds up to $12,022,511 at the time of the transfer. Interestingly, the SHIB ecosystem’s gas fee token Bone ShibaSwap (BONE) is also getting scooped up by the largest ETH whales.

Sponsored

This could be due to the fact that the SHIB community is patiently waiting for the Shibarium upgrade, which is supposed to transport the memecoin into a self-sufficient ecosystem. As many crypto enthusiasts expect BONE’s market price to go up significantly after Shibarium’s launch, BONE is favored below the $1 multi-year support level.

A Hell of a Number of Shiba Inu Set Aflame Last Month

The SHIB burning ceremony might be trendy amongst the SHIB Army, as many crypto enthusiasts want to see its market value on the rise again. However, the fluctuating SHIB burn rate indicates that the SHIB Army might lack the motivation to burn coins on a regular basis.

To illustrate, an infernal number of 666,903,322 SHIB tokens were sent to the bottomless pit in November alone. This was achieved in 149 transactions and does not include the SHIB burning stats from side projects like SHIB SuperStore.

On the Flipside

  • Despite increased interest from ETH whales, the total number of SHIB holders has significantly dropped since last week, according to Etherscan.
  • Members of the SHIB Army argue that the current SHIB burn rate is not nearly enough to have an effect on the coin’s market value.

Why You Should Care

Memecoins play an important role in retail adoption and often lead the altcoin rallies.

Check out the latest memecoin news:

Sponsored

Shiba Inu (SHIB) Community Reacts to Binance’s Hint on Bone ShibaSwap (BONE)

Dogecoin (DOGE) Posts 35% Weekly Gains amid Musk Versus Apple Altercation

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.