Shiba Inu ($SHIB) Becomes One of Ethereum Whales’ Largest Investments as SHIBArmy Expands

Shiba Inu ($SHIB), a cryptocurrency inspired by the SHIBArmy, has become one of the top holdings of the biggest whales on the Ethereum network, as the SHIBArmy continues to expand and SHIB’s burn rate helps reduce its supply.

According to statistics from whale tracking site WhaleStats, Shiba Inu is one of the leading Ethereum-based tokens by trading volume among the top 100 whales and one of the top 10 most acquired tokens among the huge Ethereum whales during the previous 24 hours.

Behind stablecoins USDC, BUSD, and USD and Synthetix’s $SNX token, the meme-inspired cryptocurrency is one of the most often acquired tokens among the top 100 whales on the Ethereum network, excluding $ETH. Chilliz ($CHZ), Bitcoin ($WBTC), and Curve’s $CRV token stand behind the cryptocurrency inspired by memes.

As reported by CryptoGlobe, $SHIB has added more than 600 new investors every day so far this month, despite a bear market in the cryptocurrency field that has lasted for more than a year.

Notably, Shiba Inu investors have shown that they do not intend to sell en masse, since the median period that Coinbase customers hold the meme-inspired cryptocurrency before selling it or transferring it to an external address has crossed 200 days.

On its website, the cryptocurrency exchange adds that a lengthy hold time “indicates an accumulation tendency,” and a short hold time “indicates increasing token movement.” The average hold period for Shiba Inus on the exchange has steadily increased since the option was enabled.

The pricing pages of the exchange indicate that Shiba Inu is the twelfth most popular cryptocurrency on the site. Shiba Inu investors wager that the cryptocurrency’s supply will deflate as a result of its burn schedule, causing the price to rise as adoption develops.

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