The top 1000 richest Ethereum wallets are gobbling up the popular memecoin Shiba Inu (SHIB) at an alarming rate.
Those top Ethereum wallets purchased more than $88 million worth of SHIB over a 24-hour period, according to the whale-monitoring bot WhaleStats.
One address, the 262nd-largest Ethereum wallet, purchased more than $34 million worth of Shiba Inu during that 24-hour period.
Another whale, the 29th-largest Ethereum wallet, bought nearly $40 million worth of SHIB.
Shiba Inu is trading at $0.000021 at time of writing, down 25% from where it was priced a week ago. The 14th-largest crypto asset by market cap is also down nearly 45% in the past month.
SHIB is a meme token that aims to be an Ethereum-based alternative to Dogecoin (DOGE). The crypto asset can be used for payments at various retailers or on its decentralized exchange ShibaSwap for non-fungible token (NFT) purchases and staking.
In total, the top 1000 Ethereum wallets hold more than $1.155 billion in SHIB, representing 13.78% of their non-Ethereum (ETH) holdings, according to WhaleStats. That’s second only to FTX Token (FTT), which represents about 15.56% of the addresses’ non-ETH holdings.
FTT is the exchange token of FTX, a cryptocurrency derivatives trading platform for futures, leveraged tokens and over-the-counter trading.