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Shiba Inu (SHIB), the popular canine-themed coin, has once again made the headlines. SHIB is not trading as high as it was before. However, despite the fluctuations in its price, the meme coin is widely held by ETH whales.
To be more precise, 1000 largest Ethereum wallets hold Shiba Inu worth $2.35 billion. This makes up approximately 9% of the total market cap.
Shiba Inu certainly has gotten more attention and recognition than many expected. Therefore, if you want to invest in the meme crypto asset as well, choose one of the top crypto exchange sites that support SHIB.
However, if you are more interested in digital currencies such as Bitcoin and Ethereum, you can click on SwissBorg or Kraken (U.S. citizens).
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Is This Likely to Impact SHIB’s Price?
Shiba Inu has dropped around 43.6%, comparing its current price with its recent all-time high of $0.00008616. Despite the ups and downs in its price, its value and significance seem to have remained unaffected.
WhaleStats has compiled some data, according to which, Shiba Inu is the largest ERC-20 token that is being held among the 1000 largest Ethereum Whale wallets.
Out of the ETH-based tokens being held in ETH Whale wallets, the following altcoins represent the highest percentage to second-highest.
- Shiba Inu represents 21.68% at $2.35 billion (combined market share)
- CRO, native token of Crypto.com, represents 5.54% at $603.9 million (combines market share)
Shiba Inu is currently the eleventh-largest digital currency in the market, according to CoinGecko. It has a total market cap of around $26.9 billion, out of which 9% is being held by ETH Whale wallets.
The crypto enthusiasts who are a part of the Shiba Inu community, have been quite persistent in pushing crypto exchanges to support SHIB. The meme crypto asset has recently been listed on Gemini. Petitions have also been circulating to get the digital currency listed on major crypto exchanges such as Robinhood and Coinbase.
Shiba Inu recently received support from one of the most popular global brands, McDonald’s. The brand indicated that it would start accepting SHIB as payment, however, how McDonald’s will proceed hasn’t been confirmed yet.
Even though SHIB’s price has taken a hit, its popularity seems to be increasing with time. It is anticipated by the analysts that SHIB’s price will take a turn for the best but it is yet to be seen in real-time.
What Should You Invest in or Trade?
There is a variety of cryptocurrencies available in the crypto market, which include the bigger assets such as BTC and ETH as well as meme coins such as DOGE and SHIB. Every crypto asset has a different value and significance and the asset you choose to trade or invest in is a matter of your personal preference.
However, as a potential investor or trader, you need to know that popular cryptocurrencies such as Bitcoin and Ethereum are considered to be well-established and here to stay.
Therefore, if you want to invest in crypto assets such as BTC or ETH, make sure you opt for one of the lowest fee crypto exchanges.
Want to trade Bitcoin or Ethereum? Sign-up on Phemex today with our link and claim a bonus of up to $4,100 on your initial deposit. (Bonus may vary based on deposit amount)
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