Shiba Inu Rally Fades — But Ethereum Whales Keep The Faith

Shiba Inu’s SHIB/USD rally cooled down after it reached a monthly high of $0.00001251. However, it seems that Ethereum ETH/USD whales are not ready to give up yet.
What Happened: At the time of writing, SHIB was down 7% in the last 24 hours, according to Benzinga Pro.
According to whalestats analysis, the top 100 ETH whales hold over $566 million worth SHIB, which makes up 15% of their total token holdings excluding ETH. This puts SHIB  third on the list of the top 10 most-held tokens. 

See More: Best Crypto Day Trading Strategies
SHIB on Tuesday flipped Numeraire NMR/USD for most traded token among top 100 whales.
The SHIB smart contract is the fourth most used by the whales, behind ETH, USDC USDC/USD, and USDT USDT/USD, with a 186% increase in usage among the top 100 ETH whales. 

Read Next: Bitcoin, Ethereum, Dogecoin Slide: Analyst Says Apex Crypto In For ‘Very Interesting’ Rally Or Short-Term Pullback

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

This article has been originally published at: https://www.benzinga.com/markets/cryptocurrency/23/01/30561854/shiba-inu-rally-fades-but-ethereum-whales-keep-the-faith?SNAPI