Shiba Inu Coins: Why ETH Whales Prefer Buying the 'Dogecoin Killer'

Shiba Inu Coin has surpassed Bitcoin as it tops the list of the most popular cryptocurrency tokens in 2021, according to CoinMarketCap. Created by an anonymous called "Ryoshi" in August 2020, the decentralised SHIB crypto token had spiked over 216 per cent within a week, reaching a new ATH of $0.000088. Shiba Inu, currently the 13th most valuable cryptocurrency in the market, is also the most popular asset among Ethereum (ETH) whales.

According to WhaleStats data, Shiba Inu coins hold the largest USD position in the top 100 Ethereum rich list. Inspired by a dog meme, the SHIB token is not a joke anymore. It is a top choice among ETH whales holding billions of Shiba Inu tokens. Moreover, whales went all-in on SHIB this year, and the same is expected in the coming 2022.

As per the data, on average, these whales hold around 2.637 billion SHIB tokens with an approximate USD value of $100,557,537. With the growing demand for Shiba Inu coins, whale numbers are also increasingly growing every month. Whales are a dominant force when it comes to cryptocurrencies. And they have taken early entry positions in SHIB before the meme coin spikes in price in 2022.

Shiba Inu Whale Watch
Representational image / Pixabay

Often there is news of mysterious Shiba Inu whales purchasing billions of SHIB coins worth a staggering amount. Some of the most popular ETH Whales dealing in SHIB are 'Gimli' and 'Light'. These two whales have accumulated billions of SHIB tokens over the months in 2021.

Why ETH Whales are holding onto SHIB tokens

While SHIB is yet to get listed on Robinhood, many other exchanges have already shown trust in the meme token. Shiba Inu has lots to offer in the coming year and the future seems to be promising for investors. From blockchain gaming to the Shibarium layer-2 scaling solution, there's more in store for Shiba Inu in 2022 that is expected to pave the way for a sustainable price ramp-up.

Last week's price dip gave an astounding opportunity to whales allowing them to accumulate 4.3 trillion Shiba Inu tokens worth a staggering $4.35 billion. The decentralised meme-currency also coined the 'Dogecoin Killer' spiked over +19% in mere four hours after the whales' purchased and settled at around +5%. Shiba Inu is counted amongst other popular ERC-20 tokens dominating the 'whale watch' segment.

Shiba Inu Current Price

At the time of publishing, Shiba Inu, with a market capitalisation of $19,410,314,284, was trading at $0.00003547 down by -3.22%.

The International Business Times advises crypto investors and enthusiasts to keep an eye on the latest trends of the cryptocurrency market and not fall for any trading rumours.