Shiba Inu Becomes Second-Most Held Cryptocurrency by Top-100 Ethereum Wallets

Shiba Inu (SHIB) has surpassed FTX Token (FTT) as the second-most held cryptocurrency after Ethereum (ETH) by the top-100 Ethereum wallet addresses. 

SHIB is the native asset of the Shiba Inu ecosystem. SHIB rose to an all-time high of $0.00008845 on Oct. 28, 2021, during the crypto market bull run in the last quarter of 2021. SHIB has an average of $629 million in daily trading volume in May, signaling impressive investor interest in the asset. 

According to Be[In]Crypto research, SHIB has become the second-most held cryptocurrency with an average amount held of approximately $9.36 million and an average token quantity of 470 billion SHIB. 

Such demand for the coin by the top-100 Ethereum wallet addresses has seen investors increasing their holdings only second to ETH. 

Aside from SHIB, other major assets held by the top-100 wallet addresses include but are not limited to United States Dollar Coin (USDC), FTX Token (FTT), United States Dollar Tether (USDT), Wrapped Bitcoin (WBTC), and Polygon (MATIC).

Overall, the total worth of SHIB held by the top-100 wallets is in the region of $936.61 million and equates to nearly 15% of all the coins in circulation.

What’s new with Shiba Inu? 

On May 5, 2022, Italian luxury fashion label Gucci announced that it will be accepting cryptocurrencies in select outlets by the end of the month as it looks to expand its presence in the crypto finance space. 

Gucci has been on a Web3 adoption path in 2022 after launching two NFT collections. 

Las Vegas, Miami, New York, Atlanta, and Los Angeles will spearhead the crypto acceptance pilot program in the USA. 

With time, cryptocurrency as a payment method will be extended to all 111 stores in North America. 

Shiba Inu (SHIB) is one of the cryptocurrencies that will be accepted for payments. Other digital assets listed by the fashion label include Bitcoin (BTC), Litecoin (LTC), Wrapped Bitcoin (WBTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), and five stablecoins.