Shiba Inu ($SHIB) Becomes One of Ethereum Whales’ Biggest Holdings as SHIBArmy Grows

Shiba Inu ($SHIB), a meme-inspired cryptocurrency, has become one of the top holdings of the largest whales on the Ethereum network at a time when the SHIBArmy is growing and SHIB’s burn rate helps its supply drop.

Shiba Inu has become one of the top 10 most purchased tokens among large Ethereum whales over the last 24-hour period, according to data from whale monitoring service WhaleStats, as well as one of the top 100 Ethereum-based tokens by trading volume among the top 100 whales.

The meme-inspired cryptocurrency is one of the top 100 tokens purchased by the Ethereum blockchain’s top 100 whales (excluding $ETH), trailing stablecoins USDC, BUSD, and USDC and Synthetix’s $SNX token. Chilliz ($CHZ), wrapped Bitcoin ($WBTC), and Curve’s $CRV token are behind the meme-inspired cryptocurrency.

According to CryptoGlobe, $SHIB has added over 600 new holders per day so far this month, despite the fact that the cryptocurrency market has been in a bear market for over a year.

Notably, Shiba Inu investors have demonstrated that they do not intend to sell in large numbers, as the average time that Coinbase users hold onto the meme-inspired cryptocurrency before selling it or moving it to an external address has surpassed the 200-day mark.

According to the cryptocurrency exchange’s website, a long hold time “indicates an accumulation trend,” whereas a short hold time “indicates increased token movement.” Shiba Inu’s average hold time on the exchange has significantly increased since the feature was added.

Shiba Inu is the 12th most popular cryptocurrency on the exchange, according to the price pages. Shiba Inu investors bet on the cryptocurrency’s supply contracting due to its burn schedule, causing its price to rise as adoption grows.