Shiba Inu (CRYPTO: SHIB) — the self-described “Dogecoin (CRYPTO: DOGE) killer” — has emerged as the most traded cryptocurrency by the 1,000 biggest Ethereum (CRYPTO: ETH) wallets in the past 24 hours.
What Happened: Shiba Inu stood in the tenth position among the most purchased tokens by the Ethereum whales as at press time late Thursday, according to WhaleStats data.
The cryptocurrency — which aspires to be an Ethereum-based alternative to Dogecoin — was also ranked third among the top ten cryptocurrencies held by the ETH whales, with an average holding amount of $11.99 million.
See Also: How To Buy Shiba Inu Coin (SHIB)
Why It Matters: Ethereum whales appear to be making major investments in the meme cryptocurrency. It was reported on Wednesday that Shiba Inu has re-emerged among the ten most purchased tokens by the 1,000 biggest Ethereum wallets.
Several major companies now accept Shiba Inu and Dogecoin as payment for their products and services.
Earlier this week, Shiba Inu said it entered into a partnership with the John Richmond fashion label.
Price Action: Shiba Inu is down 5.4% during the past 24 hours, trading at $0.0000246 at press time.
