Benzinga | Nov 18, 2021 11:56AM EST

Whales Love Shiba Inu: Top 1K Ethereum Wallets Hold $2.36B SHIB

The 1,000 richest Ethereum (CRYPTO: ETH) wallets hold more than $2.36 billion worth of Shiba Inu (CRYPTO: SHIB) combined.

What Happened: According to data from WhaleStats, Shiba Inu is now the top ERC-20 token holding amongst Ethereum whales, excluding ETH itself.

At the time of writing, the top 1,000 ETH wallets held a combined value of $2,365,211,253 which represented 21.18% of their overall holdings.

#ShibArmy Congrats! The King is coming back!

?#SHIB flipped #BEST, #OKB and #CRO to become biggest ERC-20 hodling (17.44%) among the top 1000 ETH wallets with total value of $2,371,207,191

Source: https://t.co/jGSeQ3uXfo pic.twitter.com/WVGOpmcYjf

-- WhaleStats - the top 1000 Ethereum richlist (@WhaleStats) November 17, 2021

After SHIB, the most held asset was Crypto.com Coin's (CRYPTO: CRO) native token, which rallied over 75% in the last seven days.

Much of Shiba Inu's price momentum has been determined by whale activity over the course of the year. In fact, data from The Block revealed that aside from exchanges and burning addresses, eight entities control over 70% of Shiba Inu's circulating supply.

What Else: Earlier this week, AMC Entertainment Holdings Inc (NYSE:AMC) CEO Adam Aron announced the movie theater chain would begin accepting Shiba Inu as payment for tickets and concession items within the next 60 to 120 days.

The company already accepts cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum and said it will soon roll out acceptance for popular meme-based cryptocurrency Dogecoin (CRYPTO: DOGE).

SHIB Price Action: At publication Thursday morning, Shiba Inu was trading at $0.00004268 with a trading volume of $2.6 billion. The meme-based cryptocurrency was down 12.36% in the last 24 hours.

Photo by Richard Sagredo on Unsplash