Shiba Inu conquers new billion-$-market

November 28, 2022 Scryptopia Shiba 0

  • A new partnership for the meme coin will see it enter yet another market as it expands its visibility and the community eyes a trading price of $2 for the asset.
  • Data shows that Ethereum whales remain the largest holders of SHIB tokens.

Despite being new to the market, meme coins have emerged as one of the industry’s most popular crypto assets, with Shiba Inu leading the way. The Dogecoin rival has become one of the most sensational assets making waves in the crypto space.

Strategic partnerships and collaborations are at the core of the SHIB network’s continued growth and development. When most virtual currencies find it challenging to stay afloat amid the broader crypto market turmoil, Shiba Inu has managed to pen a massive deal.

According to a recent announcement, the crypto payment solutions provider, BitPay has partnered with the footwear maker Atheist Shoes to accept Shiba Inu for payment. Interestingly, customers looking to pay with the canine token can take advantage of a 10 percent discount, which lasts for a limited time.

Furthermore, the meme coin has been steadily developing into a utility crypto asset that travelers can use, as most platforms have begun to enhance the use of the token on their payment networks. Shiba Inu has evolved into one of the most widely used utility assets among other cryptocurrencies.

Binance boosted its visibility after adding it to the Binance Card, which allowed Visa Card holders to spend SHIB at close to 60 million merchant outlets worldwide. As its main rival, Dogecoin, continues to lag, Shiba Inu has taken the chance to become the leading meme token as it enjoys more support from its robust community.

Developed as an alternative to DOGE, SHIB is among the most widely used meme tokens for transactions, with several businesses already integrating it for payment via BitPay. The new partnership is another important milestone for the top meme cryptocurrency, which seeks to consolidate its position as the best over Dogecoin.

SHIB emerges first in holdings among ETH whales

Data from the whale tracking platform, WhaleStats, shows that the top 2,000 ETH whale holdings contain several crypto tokens. But SHIB occupies the top spot. The ETH whales are reported to hold over $68 million worth of the meme cryptocurrency.

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However, UNI holds the second position with over $43.5 million, with BEST tokens in the third position. Similarly, an evaluation of the top 100 ETH whales revealed that SHIB bagged fourth place as the most-held crypto token. These top 100 ETH whales currently hold 74,299,481,235 SHIB tokens worth $690,838.

Nevertheless, the number of whale addresses holding SHIB is increasing, and the recent activity shows that the token offers prospects for the large ETH whales. But the market volatility cannot prevent whales from holding more of the meme asset.

Hence, the real question is, will SHIB benefit from the increased whale activity? The crypto market price is influenced mainly by speculation and two incidents – partnerships and whales’ recent activity. Hence, SHIB’s price may increase as these two incidents have recently occurred in the ecosystem. At the time of writing, Shiba Inu trades at $0.000009399, down by 2.7 percent in the last 24 hours, according to our data.