Is this coin stealing Shiba Inu’s thunder in the ETH whale world?

Sahana Kiran
Shiba Inu
Source – Unsplash

Shiba Inu [SHIB] has emerged as a favorite among prominent firms and now even whales across the market have been keen on pouring their money into the altcoin. Ethereum [ETH] whales have particularly been delving into the SHIB market. Over the last couple of weeks, ETH whales were seen making massive purchases. Despite this, another coin seemed to be taking the spotlight among these whales.

According to data curated by WhaleStats, Ethereum [ETH] was the most purchased token by 100 biggest ETH whales. This was followed by USDC and USDT. The fourth position was taken over by Apecoin [APE] while Shiba Inu was at the end of the list.

As seen in the above list, the average purchase amount of Apecoin was $51K. Shiba Inu recorded only $17K.

Yuga Labs’ Apecoin made major news this month. The firm’s Bored Ape Yacht Club has been breaking records and the introduction of APE created quite the buzz. The fervor around the new coin was so high that it managed to land a spot on the most popular exchanges within hours of its launch.

Furthermore, this was reflected directly in the altcoin’s price. During press time, the hot streak of the asset was prolonged as it was up by 12 percent over the last 24-hours. Apecoin was valued at $12.12. This could have certainly been the reason why whales were indulging in the altcoin.

Shiba Inu struggles to amass gains

Shiba Inu’s popularity has peaked over the months. Despite the arrival of several new assets, SHIB remained untethered. However, the altcoin seemed to be lagging in terms of price as its counterparts were moving forward.

Apecoin. for instance has been recording a significant rise. However, the community speculates that this surge could be caused by the current zeal around the asset.

Nevertheless, Shiba Inu was painted in red while most of the others were bagging dainty gains. The altcoin was trading for a low of $0.00002362 with no major changes over the last 24-hours.