- Memecoin Shiba Inu became the most traded asset by top 100 ETH holders in January.
- Shiba Inu knocked out the PREP token to claim the position, and has now overthrown WETH this February.
Popular memecoin and Dogecoin competitor Shiba Inu is making headlines for attaining noteworthy achievements since the start of 2023. Most recently, Shiba Inu has scored another win in the cryptocurrency market, with Shib becoming the most traded token among top 100 Ethereum (ETH) wallets.
The report comes from Crypto Twitter user Whalestats, who reveals in a recent tweet, that Shiba Inu has dethroned Perpetual Protocol (PERP), and managed to emerge the most traded token among top 100 ETH whales on the 31st of January.
📰 JUST IN: $SHIB @Shibtoken flipped $PERP for MOST TRADED token among top 100 #ETH whales
Check the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SHIB #PERP #whalestats #babywhale #BBW pic.twitter.com/bKGJIxa2qn
— WhaleStats (tracking crypto whales) (@WhaleStats) January 31, 2023
When Shiba Inu achieved this feat, data from Coinmarketcap showed that trading volume for that day was over $323 million. On the other hand, its rival Perpetual Protocol (PERP), was only recording a trading volume slightly above $ 51 million.
Similarly, Whalesats also reported on the 1st of February that Shiba Inu has unseated Wrapped Ethereum (WETH), the ERC-20 compatible version of Ether, to become the most traded token amongst the top 1000 whales.
📰 JUST IN: $SHIB @Shibtoken flipped $PERP for MOST TRADED token among top 100 #ETH whales
Check the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SHIB #PERP #whalestats #babywhale #BBW pic.twitter.com/bKGJIxa2qn
— WhaleStats (tracking crypto whales) (@WhaleStats) January 31, 2023
The achievements have rightfully triggered a wave of excitement among Shiba Inu supporters and community members. Shiba Inu’s adoption is anticipated to skyrocket this year, with the continuous Shib burn, and the network’s continuous growth.
Shiba Inu’s popularity rises as it reaches new milestones daily
As more investors and traders pay attention to Shiba Inu, demand for the memecoin is rising at a meteoric pace. This has now been reflected in the holdings of the largest Ethereum (ETH) whale accounts.
As WhaleStats reported on the 30th of January, the top Ethereum (ETH) 500 whale accounts are holding the highest amount of Shiba Inu tokens in their wallets.
With $581,857,477 SHIB coins being held by these whale accounts as at when the report was made, Shiba Inu dethroned seven other leading altcoins in the market, to attain this position.
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Behind Shiba Inu, are BEST, MATIC, LOCUS, BIT, LINK, UNI, and the MANA token. All of these altcoins collectively made up a total of $1.122 billion during the time of the report.
All of the growth that Shiba Inu is recording could no doubt influence the price of the memecoin in the near future. As demand and trading rises, Shiba Inu is bound to become even more scarce. This holds positive for its price later on, which is predicted to tap $1 before the close of 2023.
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