Shiba Inu surpasses popular altcoin projects Ethereum and Solana trading volumes on Binance as on-chain activity explodes. On the world’s largest cryptocurrency exchange, Shiba Inu has surpassed Ethereum and Solana in daily trading volume. Commission-free exchange Robinhood posted the SHIB listing in a recent Instagram story, with no official announcement yet. Ethereum whales continue to accumulate SHIB as memecoin’s on-chain activity explodes. Converting $8,000 to $5 billion, Shiba Inu owner moved SHIB assets to four new wallets. Details cryptocoin.com‘in.
The race between altcoin projects heats up
The on-chain activity of the Shiba Inu token witnessed a massive spike as SHIB daily trading volume surpassed Ethereum, Solana, and Binance Coin on Binance. Rumors of a Robinhood listing fueled the surge in SHIB trading volume on spot exchanges. Shiba Inu token has passed Ethereum and Ethereum killers on the world’s largest exchange. According to data from crypto data aggregator CoinGecko, daily trading volume (24 hours) for Shiba Inu has surpassed Ethereum, Binance Coin, Solana, Dogecoin and other Ethereum killer projects in the USD Tether markets.
Rumors that the Shiba Inu token was listed on Robinhood pushed up the price of the memecoin last month. The commission-free exchange recently posted a question on an Instagram story featuring the Shiba Inu token, fueling rumors of an upcoming SHIB listing. A petition to list SHIB on Robinhood has exceeded 500,000 signatures, making it one of the most popular signings on the platform. While supporters criticize memecoin for its heavy concentration by whale wallets, major wallet investors continue to accumulate SHIB. An Ethereum whale recently added 153 billion SHIB tokens to their portfolio.
SHIB, the largest ERC-20 holding of the whale wallet
Historically, the accumulation of whales triggered a rally in SHIB, sending the Shiba-Inu themed cryptocurrency to an all-time high. Another mysterious whale, famous for making over $5 billion in profits from the $8,000 SHIB token purchase in August 2020, is moving its assets to new wallets. The new wallets are not associated with exchanges and experts are waiting for a move by the SHIB whale. The wallet has been inactive for more than a year, and on November 3, SHIB began carrying its token assets.
A cryptocurrency analyst on the YouTube channel “TheFinanceValueGuy” recently analyzed the SHIB price trend. The analyst noted that the SHIB token has famously jumped from $0.00005 several times in the past. The analyst believes that selling pressure from whale accounts triggered the recent drop in SHIB price. Showing similarities in SHIB and DOGE price trends, the analyst expects the Shiba Inu to hit an all-time high.
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