The largest Ethereum (CRYPTO: ETH) wallets have acquired $88 million worth of Shiba Inu (CRYPTO: SHIB) over the past few days.
What Happened: According to data from wallet tracking tool WhaleStats, large holders added trillions of SHIB to their holdings over a 60-hour time frame.
The buying activity resulted in SHIB becoming the biggest token position by dollar value among the top 100 ETH whales.
JUST IN: $SHIB had flipped $FTX to be biggest token position by dollar value among the top 1000 ETH wallets
— WhaleStats - the top 1000 Ethereum richlist (@WhaleStats) January 27, 2022
Total hodling value: $1,665,876,442
Whale leaderboard: https://t.co/28TDZ70IkD#ShibArmy #SHIBerse #SHIB pic.twitter.com/oXUMZ4ycwv
Two particularly large transactions this week took place on Jan. 24, when two ETH whales reportedly added 3.6 trillion SHIB tokens to their portfolios. WhaleStats reported whales added the $73.4 million worth of SHIB in just two hours over a series of eight transactions.
Why It Matters: SHIB is down more than 75% from its all-time high of $0.00008616 three months ago. However, the competitor to Dogecoin (CRYPTO: DOGE) is still up 14,900,000% over a one-year time period.
Developers behind the meme-based cryptocurrency have recently moved towards introducing a number of new infrastructure updates that will see Shiba Inu evolve beyond its “meme crypto” status.
Earlier this week, the team unveiled the first look at its upcoming metaverse world titled “Shiberse.”
Price Action: As of Thursday morning, SHIB was trading at $0.00002131, down 5.41% in the last 24 hours.
