Whale Ethereum (ETH) took the opportunity to scoop up a number of Shiba Inu (SHIB) tokens as the price of the second largest meme cryptocurrency has plunged 12% in the past 30 days.
According to Whalestats, SHIB managed to flip stETH into the largest token held by the top 100 ETH wallets and reached the top 10 token position among the 500 largest ETH whales.
This follows because the top 100 ETH whales held $142.39 million worth of SHIB on September 24, 2022 while the largest whales bought 1.69 trillion of the digital asset over the past 2 days.
The streak, the interest of whales in increasing SHIB is increasing even though the price is down 5% which is at the price level of $0.000011 within 24 hours and the trading volume is down 46%.
A big jump can be seen through the SHIB token burn rate as Shibburn increased by 800% including ShibArmy sending 128 million tokens to their dead wallet*.
*A cryptocurrency address that has been inactive for several years
Explained further, SHIB plans to reduce the amount of circulation supply** as well as launch a blockchain-based card game in Australia.
**Total number of tokens available for trading and used in the market
