Shiba Inu Momentarily Becomes Largest ERC-20 Token Holding Among Top 1,000 Whale Wallets

Key takeaways

• Shiba Inu (SHIB) briefly became the largest holding of the top 1000 ERC-20 token wallets.
• The memecoin however continues to struggle with its price slump. 
• The SHIB community is taking comfort from the number of new platforms integrating the dog-themed token. 

The market action of Shiba Inu (SHIB) appears to have found renewed vigor after being muted for the past few days. According to data from WhaleStats, a site that tracks the top 1000 wallets holding ERC-20 tokens, whale wallets have been moving back into SHIB.

In a tweet made earlier today, the ERC-20 whales monitoring site noted that SHIB had emerged as the biggest holding of the whale wallets it was monitoring. SHIB outpaced the tokens of Bitpanda Ecosystem Token (BEST), OKEx (OKB), and Crypto.com (CRO) which were the top three tokens at the time. At its highest point, SHIB constituted 17.44% of the holdings of the wallets and had a value of over $2.3 billion.

However, SHIB has been unable to sustain the top position as it has been toppled by the tokens it overtook. At press time it had retraced to being the 4th biggest ERC-20 top whale wallets holding, accounting for around 3.92% of their balance, with a value of around $459 million.

SHIB shows just why it’s still a meme coin

Shiba Inu has had an eventful quarter and an even more impressive year. It set a new all-time high of $0.000087 in October, ousting Dogecoin (DOGE) to become the leading dog-themed token and closing the month with 833.7% gains.

However, after reaching the all-time, it experienced a 50% downward correction and has continued to struggle since then which has seen DOGE regain its dominance. The meme coin is currently down 44.9% from its all-time high with a current trading price of $0.000048.

It remains to be seen if the whale activity could be a catalyst for a renewed SHIB market surge. Meanwhile, the SHIBArmy continues to welcome bullish news. In the past few days, two major announcements have rewarded the community’s push for SHIB adoption. ZenGo, a cryptocurrency wallet backed by Samsung, announced yesterday that it would support the meme coin on its wallet, allowing its users to trade and hold SHIB. Ari Gore, head of communications at the wallet provider, noted the vibrance of the SHIB community in the company’s official press release.

Added to that, the CEO of the U.S.’s biggest theatre chain AMC, Adam Aron, has revealed the roadmap for the company’s acceptance of SHIB. Aron stated that AMC would roll out acceptance of SHIB at its theatres in 4 months. AMC has already started accepting cryptocurrencies including Bitcoin and plans to also accept Dogecoin soon.

Most SHIB investors and speculators still expect the meme coin to continue its run-up in the coming months and take out more decimals from its value.