Shiba Inu is once again the favorite of the ETH whales. Here’s what data tells us

Paigambar Mohan Raj
Source: Pexels

According to data published by Whalestats, Shiba Inu is now the third most owned token on the Ethereum network, after ETH and FTX. Shiba Inu (SHIB) was also the tenth most acquired token on the Ethereum network in the previous week, although its ranking has dipped since.

Source: Whalestats

The popularity of SHIB doesn’t warrant an explanation. The token is easily one of the most popular tokens and is probably the most talked-about coin online. The Shiba Army has used its sheer large number to propel the token to almost everybody’s notice. The crypto space, in general, is very well aware of SHIB’s immense popularity.

What’s exciting ETH whales about Shiba Inu?

A whale on the Ethereum network bought $1 million worth of SHIB, early yesterday. The WhaleStats team captured the transaction and shared it on Twitter.

Whales that continue to hold SHIB despite the bad sentiment in the crypto markets may be feeling optimistic as a result of such a massive transaction.

Rumors that SHIB might be recognized as legal cash in Turkey, as a means of preserving the country from inflation, may have sparked interest in the token. The SHIB community in Turkey also stated that they met with Mustafa Elitaş, Turkey’s former Economy Minister, to discuss the idea further.

However, Vita Plus, a privately run ambulance service in Istanbul, has announced that SHIB will be accepted as a means of payment. A poster in their office stated,

“Payment with Shiba Inu coin is accepted at this institution.”

Despite the negative environment, SHIB’s daily MFI, MACD, and RSI all indicate an overbought situation, which could lead to a probable bounce back to the 50-day moving average of around $0.000025.

With a host of collaborations coming to Shiba Inu, ETH whales could be anticipating a pump soon.

At the time of publication, Shiba Inu (SHIB) was trading at $0.00002152.