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, as at press time late Wednesday.
What Happened: Shiba Inu was also ranked third among the top ten holdings of the Ethereum whales, with an average holding amount of $13.60 million, according to data from cryptocurrency data platform WhaleStats.
See Also: How To Buy Shiba Inu Coin (SHIB)
Why It Matters: Ethereum whales appear to be making major investments in the meme cryptocurrency, which aspires to be an Ethereum-based alternative to Dogecoin.
It was reported last week that Shiba Inu has re-emerged among the ten most purchased tokens by the 1,000 biggest Ethereum whales.
Companies such as Newegg Commerce Inc. (NASDAQ:NEGG), GameStop Corp. (NYSE:GME) and Nordstrom Inc. (NYSE:JWN) now accept Shiba Inu as payment for their products and services.
Price Action: Shiba Inu is up 0.5% during the past 24 hours, trading at $0.00002335 at press time.
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