Shiba Inu becomes the most popular coin trade in Ethereum 'whale' wallets as $SHIB price skyrockets after burn announcements
That biggest threat to the popularity of the original "meme" Dogecoin - the Shiba Inu token - has now become the most traded coin in the top one thousand Ethereum wallets, knocking the Curve DAO Token (CRV) off its perch. The Shiba Inu price skyrocketed nearly 50% in the past 24 hours and its increased trading volume in the so-called "whale wallets" somewhat explains that huge jump. Granted, crypto is on an upwards trajectory after the price crash that began late last year, with Bitcoin nearing the US$44,000 mark after falling to the US$35,000 support during the big selloff a few weeks back.
The current $SHIB price gains are leaps and bounds above the rest of the crypto market, as is customary with such small cap crypto coins. Those top 1000 Ethereum "whale" wallets have US$155 million on average in a mix of ETH cryptocurrency, various smaller tokens, and an NFT. The ETH whales are expecting a decrease in the Shiba Inu coin supply as crypto entertainment company Bigger announced that it will be organizing Shiba Inu token burn parties on Valentine’s Day.
Bigger Entertainment aims to burn about a billion tokens during the festivities, thus making the $SHIB quantity in circulation scarcer which has historically contributed to rapid price gains. Shiba Inu is increasingly accepted as crypto payment form by venues like Newegg, GameStop, Petco, Lowe's, Bed Bath & Beyond, and AMC Theatres, too, adding to the coin's trading popularity. Still, at US$0.00003378 Shiba Inu currently trades at a fraction of its October US$0.00008 peak and it remains to be seen if its price will ever be able to fully recover.
???????? JUST IN: $SHIB @Shibtoken had flipped $CRV to be most traded token by 1000 biggest ETH whale wallets— WhaleStats - the top 1000 Ethereum richlist (@WhaleStats) February 7, 2022
???????? #SHIB price ups 26.8% in the past 24hrs with a current price of $0.00002904
Whale leaderboard: https://t.co/N5qqsCBeXR#ShibArmy #Friendshibs #Shiberse pic.twitter.com/7J6Cg5yp5q