Here are the most popular coins: Shiba Inu (SHIB) become one of the most purchased tokens by the 1,000 largest Ethereum wallets

Shiba Inu has become one of the most bought tokens by 1,000 largest Ethereum wallets. The sudden buying power came after the token lost its first place as the largest USD held on whale wallets. Huobi Group recently released a large report designed to determine the level of perception of the crypto industry that has shown exponential growth in 2021 and even hit the mainstream, as some experts note.

Shiba Inu becomes one of the most-purchased tokens by Ethereum whales

According to WhaleStats, Shiba Inu (SHIB) has entered the top 10 most bought tokens among significant wallets. While the buying volume is still negligible compared to the volume owned by whales, this still indicates interest in the token.

According to the volume indicator, traders are unwilling to trade assets actively and prefer larger caps like Ethereum or Bitcoin. Low activity by traders can also be related to the fact that it is the weekend. While whale buying activity is an important indicator, the total value of whale holdings on whale addresses has reached $1.5 billion, resulting in a drop of SHIB token to second place in the total holdings.

The first place is still behind FTX Token (FTT), held with a capitalization above $1.6 billion. Shib’s drop to second was followed by a protracted battle between the two properties for first place. But unfortunately for its investors, Shiba Inu lost its lead even after nearly $300 million poured into whale assets.

While NFTs drove a humongous amount of attention to the industry from individuals who had not previously considered themselves interested in crypto, meme-tokens like Shiba Inu (SHIB), Dogecoin (DOGE), and other smaller assets became extremely popular among veteran industry investors. SHIB was one of the most rapidly growing communities in the history of crypto, reaching one million holders in just a few months after being discovered by the market. The reason behind it is the explosive 1,000% growth on the market back in October.

here-are-the-most-popular-coins-shiba-inu-shib-become-one-of-the-most-purchased-tokens-by-the-1000-largest-ethereum-wallets

Source: Huobi Global Report

But while SHIB brought mind-blowing profits to some early investors, most traders and investors that bought the token close to the top ended up in a loss due to an almost 60% correction on the asset shortly after.

Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS