Shiba Inu Coin Emerges As Most-Traded Token By Top 1,000 Ethereum Wallets

Shiba Inu SHIB/USD — the self-described “Dogecoin DOGE/USD killer” — has flipped Curve DAO Token CRV/USD to emerge as the most traded token by the 1,000 biggest Ethereum ETH/USD wallets.

What Happened: Cryptocurrency whales continue to trade Shiba Inu as the token’s price surged 26.8% in the past 24 hours, as per a tweet by crypto data platform WhaleStats.

The 1,000 largest Ethereum wallets are worth an average of $154.71 million and have an average of 40,478 ETH, 36 tokens and one non fungible token (NFT).

Shiba Inu currrently ranks third among the top ten cryptocurrency holdings among the Ethereum whales, behind ETH and the FTX Token FTT/USD, according to WhaleStats data.

See Also: How To Buy Shiba Inu Coin (SHIB)

Why It Matters: Shiba Inu’s price surge on Sunday comes amid a plan by the cryptocurrency entertainment company Bigger Entertainment to burn tokens on Feb. 14 —Valentine’s Day.

Cryptocurrency whales are continuing to acquire Shiba Inu tokens as burn mechanisms continue to decrease the coin’s supply.

A total of 410.3 trillion tokens have been burnt from the initial supply of one quadrillion tokens, according to ShibBurn data.

The token is also seeing wider mainstream acceptance. Major retailers such as Newegg Commerce Inc. NEGG now accept Shiba Inu as a means of payment.

However, Shiba Inu is down 68.3% from its all-time high of $0.00008845 reached in October last year.

Price Action: Shiba Inu is up 24.3% during the past 24 hours, trading at $0.00002813 at press time.

CurveDAO is down 0.8% during the period to $3.44.

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