The recent collapse of the crypto market caused a lot of whales to try and find refuge in meme coins. These meme coins include Shiba Inu (SHIB) , ShibDoge (SHIBDOGE), and Dogecoin (DOGE).
SHIB is the second largest holding among whales and has seen an increase in whale accumulation over the last few months. The Shibarium launch at the end of June has also helped with this accumulation increase.
Additionally, the SHIB creator’s launch of the SHI stablecoin and the TREAT incentive token has also been successful in keeping SHIB accumulation high.
However, today ShibDoge not only briefly flipped SHIB in terms of dollar value, but ShibDoge also overtook SHIB to take the top spot among the top 100 ETH whales in terms of holdings measured in dollars.
Despite this dramatic flip, SHIB was able to reclaim its spot in the largest ETH whale wallets after a few hours.
SHIB currently has the largest ownership among ETH whales with $568.82 million in tokens. ShibDoge is next in line with the ETH whales holding tokens that are valued at $433.23 million.
Although ShibDoge is still a relatively small meme coin, many believe the increase in accumulation of the token is because of its burn and NFT exposure.
In some related news, BSC whales have been stocking up significantly on DOGE. A BNB whale known as “Martain Manhunter” bought about 18,800.433 DOGE tokens on June 4. It is expected that this accumulation increase in DOGE was caused by Elon Musk’s reiteration of his support for the meme coin.
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Source: Cryptocurrency - investing.com
