In light of the positive market sentiment on Tuesday, December 21, the decentralized meme token Shiba Inu (SHIB) has witnessed an increase in buyers and is now the most-held token among the top 1,000 Ethereum wallets.
Analysis of the top 1,000 ETH wallets has revealed that SHIB has 7.71% of the total holdings of all tokens with $1.72 billion in value, according to data provided by whale monitoring website WhaleStats on December 21.
In second place is the cryptocurrency exchange FTX Token with 7.33% and $1.61 billion, while USDT takes third place with 4.91%, worth $1.1 billion.
SHIB whales remain at large
The price of Shiba Inu has recovered in tandem with the broader market recovery, but it seems that whales have certainly played a part in the 10% increase. Notably, an Ethereum whale purchased four trillion Shiba Inu tokens in 24 hours, worth almost $136 million in value.
Coincidentally, SHIB is the seventh most-mentioned cryptocurrency by ticker on social media platform Reddit, with 106 mentions, increasing its daily mentions by 171.79%. It appears that SHIB whales still believe there is more room to run with dog tokens as they continue to buy more of the asset in anticipation of another price surge.
Shiba Inu’s increase in popularity on social media has shown that a rising online following might be a crucial predictor of the success of a token as the asset became the world’s fourth-largest cryptocurrency by Twitter followers in less than a year, increasing its value simultaneously.
Currently, Shiba Inu is trading at $0.00003214, up 10.40% on the day and 4.09% in the last week with a total market capitalization of $17.6 billion, according to CoinMarketCap statistics.
The digital asset is now ranked 13 among the top 100 leading cryptocurrencies by market cap aiming to break back into the top ten as it explores new use cases like play-to-earn non-fungible token (NFT) games relevant to today’s market.