The meme-inspired cryptocurrency Shiba Inu ($SHIB) has become one of the top holdings of the largest whales on the Ethereum network at a time in which the SHIBArmy keeps on growing and SHIB’s burn rate helps its supply drop.
According to data from whale monitoring service WhaleStats, Shiba Inu has become one of the top 10 most purchased tokens among the large Ethereum whales over the past 24-hour period, while also being one of the leading Ethereum-based tokens by trading volume among the top 100 whales.
The meme-inspired cryptocurrency is one of the most purchased tokens by the top 100 whales on the Ethereum blockchain excluding $ETH, behind stablecoins USDC, BUSD, and USDC, and Synthetix’s $SNX token. Behind the meme-inspired cryptocurrency are Chilliz ($CHZ), wrapped Bitcoin ($WBTC) and Curve’s $CRV token.
As CryptoGlobe reported, $SHIB has been adding over 600 new holders per day so far this month, even amid an ongoing bear market in the cryptocurrency space that has now lasted for over a year.
Notably, Shiba Inu investors have shown they aren’t planning on selling en masse, as the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 200-day mark.
The cryptocurrency exchange notes on its page that a long hold time “signals an accumulation trend” while a short hold time “indicates increased movement of tokens.” Shiba Inu’s typical hold time on the exchange has notably kept on rising since the feature was added.
Also read: How Much Shiba Has Been Burned? A Look at $SHIB token Burn Schedule
The exchange’s price pages further show that Shiba Inu is the 12th most popular cryptocurrency on the platform. Shiba Inu investors bet on the cryptocurrency’s supply deflating through its burn schedule for its price to increase, while adoption grows
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