Shiba Inu Just Flipped WETH as Most Traded Token Among Top 1,000 ETH Whales

SHIB is also the most held token among the largest 100 ETH whales (excluding Ethereum).

Shiba Inu (SHIB) has just flipped Wrapped Ethereum (WETH) to become the most traded asset among the 1,000 largest Ethereum whales. The development comes at a time when SHIB has registered an 12.14% gain in the past 24 hours, making it the biggest gainer among the top 100 assets by market capitalization.

Whale tracking platform WhaleAlert highlighted the achievement in a recent tweet. “JUST IN: SHIB flipped WETH for MOST TRADED token among top 1000 ETH whales,” WhaleStats disclosed.

? JUST IN: $SHIB @Shibtoken flipped $WETH for MOST TRADED token among top 1000 #ETH whales

Peep the top 100 whales here: https://t.co/jFn1zIOq03

(and hodl $BBW to see data for the top 1000!)#SHIB #WETH #whalestats #babywhale #BBW pic.twitter.com/qieNpMIfPD

— WhaleStats (tracking crypto whales) (@WhaleStats) February 3, 2023

The official WhaleStats platform also provides insight on other impressive feats achieved by the dog-themed token, signaling a massive increase in investors’ interest at a time when the asset is comfortably bucking the trend.

Notably, Shiba Inu is confirmed to be the biggest token by dollar value among the top 100 ETH whales. Moreover, the asset’s smart contracts represent the fifth most used smart contracts by the 100 biggest ETH whales, with a 5.99% share, only below ETH, USDC and USDT. 

Furthermore, in what suggests an uptick in whale accumulation, SHIB is the most held token among these whales, excluding ETH. The top 100 ETH whales hold a total of $714.8 million worth of SHIB, representing 18.13% of their entire holdings. These whales hold more SHIB than USDT (17.39%) and USDC (14.45%).

SHIB Developments and Price Action

Notwithstanding the recent market-wide opposition that has resulted in most assets trading flat in the past 24 hours, SHIB has still retained a 12.14% gain within the time frame. Several positive developments, along with the sustained hype surrounding Shibarium, have contributed to an increase in interest, providing support for the asset’s price action.

With the community anticipates the launch of Shibarium, the Shiba Inu development team and all parties involved have been providing updates on the progress. Unification Foundation, the team working on Shibarium along with SHIB developers, revealed that they have been developing the Oracle of Oracles (OoO) solution, as they prepare to deploy it to Shibarium.

Meanwhile, SHIB has conquered the $0.000013 zone, with its eyes set on the $0.000014 territory. The asset is currently changing hands at $0.00001385 as of press time, up 16.15% in the past week. Seasoned analyst Ali recently asserted that SHIB could surge to the $0.000017 zone if it continues to trade above the support at $0.000011.