By Abdulkarim Abdulwahab
The continuous crypto market collapse has pushed many traders to find refuge in meme coins like Shiba Inu (SHIB), ShibDoge (SHIBDOGE), and Dogecoin (DOGE). According to data from WhaleStats, holders of the SHIB token have surpassed a record 1.2 million unique addresses, with the top 1000 Ethereum whales holding over $624 million worth of SHIB.
SHIB is the second-largest holding among whales and has seen an increase in whale accumulation over the last few months. The Shibarium launch at the end of June has also helped with this accumulation increase.
Interestingly, for 12 consecutive days this month, more than 85% of investors on Coinbase kept Shiba Inu on ‘buy’ and the rest on ‘sell’. SHIB’s buying pressure also crossed 92% in the last three days on Coinbase.
By Coinbase
It is observable that despite the widespread dip, Shiba Inu remains a king in the market, as investors feel confident pouring their money into meme tokens. However, ShibDoge briefly flipped SHIB in dollar value to take the top spot among the 100 ETH whales.
Despite this dramatic flip, SHIB was able to reclaim its place in the largest ETH whale wallets after a few hours. A simple reason for the continuous buying trend of SHIB is that investors feel satisfied with buying 1 million tokens for $10.
At the time of writing, SHIB traded at $0.00001049, with a 5.6% loss in the past 24 hours. The token is also down 88% from its all-time high of $0.000086158837, reached in October last year.
While SHIB has the most significant ownership among ETH whales, with $568.82 million in tokens, ShibDoge is next in line at $433.23 million.
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