Shiba Inu tokens in the custody of the top 100 Ethereum (ETH) whales have risen to 49 trillion, according to on-chain data. Cumulatively, this volume of tokens is worth $362,236,695 at the time of writing.
This increasing accumulation of the second-largest decentralized meme token by the top 100 ETH whales comes as SHIB’s price continues to trade low in the crypto market. Notably, the canine-themed crypto asset is changing hands at $0.00000762 at press time.
Data on the popular analytic platform WhaleStats shows that SHIB is the fourth most-held cryptocurrency among the top 100 ETH whales in terms of dollar value, following Ether, USDC, and USDT.
It bears noting that the average quantity of crypto assets held by these deep-pocketed investors includes 31,263 Ether (ETH), 7,888,146 Tether (USDT), 706,994,142 USD Coin (USDC) and 49,621,465,093,470 Shiba Inu (SHIB).
Is this bullish for Shiba Inu (SHIB)?
The recent accumulation of Shiba Inu by these top-ranking ETH whales could mean that these grounded investors expect an impressive run in the price of the asset.
As published, SHIB’s price gained by over 22% in the past couple of days along with Bitcoin as several U.S. asset managers filed for Bitcoin and Ethereum exchange-traded funds (ETFs). Accordingly, over 29 trillion Shiba Inu tokens bought within a specified price range regained profitability.
Recall that Shytoshi Kusama, the lead developer in the token community recently disclosed that the launch of all planned ecosystem projects including Shibarium and SHIB Metaverse is near.
Notably, the launch of these projects could draw more investors to SHIB, thereby triggering a rally in the price of the asset. Hence, the need to take a closer look at the Shiba Inu project to decipher whether it would perform outstandingly in the coming months.
Follow us on Twitter, Facebook, Telegram, and Google News
