Largest Ethereum Whales Jump on Shiba Inu, Buy over $88 Million Worth of SHIB in the Past Day

The top 1000 Ethereum whales keep accumulating the popular meme coin Shiba Inu (SHIB) at an alarming rate.

According to the top 1000 Ethereum whale-monitoring bot WhaleStats, those top Ethereum wallets purchased more than $88 million worth of SHIB over a 24-hour period.

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One address, the 262nd-largest Ethereum wallet, purchased more than $34 million worth of Shiba Inu during that 24-hour period.

Another whale, the 29th-largest Ethereum wallet, bought nearly $40 million worth of SHIB.

Shiba Inu (SHIB) is trading at $0.000021 at the time of filing this report, down 25% from where it was priced a week ago. The 14th-largest crypto asset by market cap is also down nearly 45% in the past month.

SHIB is a meme token that aims to be an Ethereum-based alternative to Dogecoin (DOGE). The crypto asset can be used for payments at various retailers or on its decentralized exchange ShibaSwap for non-fungible token (NFT) purchases and staking.

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In total, the top 1000 Ethereum wallets hold more than $1.155 billion in SHIB, representing 13.78% of their non-Ethereum (ETH) holdings, according to WhaleStats. That’s second only to FTX Token (FTT), which represents about 15.56% of the addresses’ non-ETH holdings.

FTT is the exchange token of FTX, a cryptocurrency derivatives trading platform for futures, leveraged tokens, and over-the-counter trading.

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