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Shiba Inu becomes the most popular coin trade in Ethereum 'whale' wallets as $SHIB price skyrockets after burn announcements

Whales bid $SHIB up (image:
Whales bid $SHIB up (image:
The top thousand of Ethereum "whale wallets" have made Shiba Inu the most widely traded token there, which, together with the announced coin burns, could explain the skyrocketing of the $SHIB price in just the past 24 hours. Shiba Inu replaced the Curve DAO Token (CRV) as the most popular coin trade in the whale Ethereum wallets each of which holds US$145 million on average.

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.

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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2022 02 > Shiba Inu becomes the most popular coin trade in Ethereum 'whale' wallets as $SHIB price skyrockets after burn announcements
Daniel Zlatev, 2022-02- 7 (Update: 2022-04-24)