Shiba Inu Rockets Higher As Meme Crypto Becomes Most Traded Among Top 1000 Ethereum Whales

WhaleStats shows that Shiba Inu (CRYPTO: SHIB) is now the most traded crypto among the top 1000 Ethereum (CRYPTO: ETH) whales. It also holds the biggest token position by dollar value. 

JUST IN: $SHIB @Shibtoken flipped $WETH for MOST TRADED token among top 1000 #ETH whales

Peep the top 100 whales here: https://t.co/jFn1zIOq03

(and hodl $BBW to see data for the top 1000!)#SHIB #WETH #whalestats #babywhale #BBW pic.twitter.com/qieNpMIfPD

— WhaleStats (tracking crypto whales) (@WhaleStats) February 3, 2023

At the time of writing on Saturday, Shiba Inu had reached $0.00001429, up by 14.5% in the last 24 hours and up by 21% in the last seven days. 

Shiba Inu’s trading volume has also exploded by 94% over the past 24 hours. 

WhaleStats also reported that investors hold a whopping $631.2 million worth of SHIB tokens. 

Former Congressional candidate and founder of Gokhshtein Media, David Gokhshtein, said that the 13th-largest cryptocurrency by market cap is moving fast. 

$SHIB is moving fast. 

— David Gokhshtein (@davidgokhshtein) February 4, 2023

He also said that SHIB’s price rally usually pushes other meme cryptocurrencies higher. 

When $SHIB moves, all of the other top meme tokens start moving.

— David Gokhshtein (@davidgokhshtein) February 4, 2023

In the midst of Shiba Inu’s advance, crypto analyst Ali Martinez tweeted, saying SHIB could run up to $0.000017 before hitting resistance.

#ShibaInu will find stiff resistance at $0.000017, where nearly 93,000 addresses had previously purchased around 465 trillion $SHIB.

Once #SHIB clears this supply barrier, it will be positioned to climb higher as @intotheblock's GIOM shows no other major resistance ahead. pic.twitter.com/heUXX50ifP

— Ali (@ali_charts) February 4, 2023

Last week, the data showed that Shiba Inu holdings by Ethereum whales grew by hundreds of millions of dollars.

The top 2000 ETH whales accumulated more than $620 million worth of Shiba Inu.

Shiba Inu developers are set to launch a beta release of a proposed layer-2 network called Shibarium.

Meanwhile, according to IntoTheBlock, 45% of Shiba Inu holders are in green territory, while 47% are underwater. This compares to almost 63% of Dogecoin (CRYPTO: DOGE) holders being profitable. DOGE is also up on Saturday, gaining 1.53% over 24 hours to $0.09375.

Now Read: Meme Community Not Amused With Elon Musk As Twitter Shuts Down Dogecoin Tip Jar

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