Shiba Inu Jockeys for Top Spot in ERC-20 Holding Leaderboard

The broader cryptocurrency market might be stuck in the doldrums, but that’s not stopping one meme coin from reaching new milestones. According to WhaleStats, Shiba Inu has muscled its way into the top ERC-20 holdings among the leading 1,000 ETH wallets with the exception of Ethereum.

To do so, Shiba Inu has flipped a few other coins, including Bitpanda Ecosystem Token, OKB and Crypto.com coin. At last check, Shiba Inu holds over 21% of the pie, following by Crypto.com coin in a distant second with 6%, though the rankings are fluid.

 

🥳 #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

Shiba Whales

Investors have flocked to Shiba Inu lately, some for the very first time, including whales who are buying the dip. In recent days, a crypto whale plunked down more than $8 million to buy 170 billion Shiba Inu tokens, as pointed out by Watcher News. This particular investor converted their Ethereum to score the SHIB at a price they believe is trading at a discount.

In fact, crypto whales have a growing presence in the Shiba Inu community, having swallowed more than 20 billion SHIB tokens apiece during the pullback in recent weeks. This could send investors to other meme coins for more of an emerging opportunity.

Many are holding on as they wait for the meme coin to recover from recent declines and potentially repeat its October run, with targets of one cent and beyond. The Shiba Inu price is currently hovering at $0.0000459.

Inflation Outlook

U.S. economists are starting to admit that inflation is in the forecast at least until late 2022. Officials have also been calling the increase in consumer prices transitory. They may have tried to pull the wool over everyone’s eyes about it, but the public is not buying it. In the U.K., the inflation rate has soared to 4.2%, its highest level in a decade.

Not surprisingly, Google Trends data reveals that global interest in the term hyperinflation is revisiting levels not seen since the 2008 global financial crisis, as pointed out by on-chain analyst Willy Woo.

Worldwide interest in hyperinflation testing all time high resistance. Levels unseen since the 2008 world financial crisis. pic.twitter.com/2B6Gh99sow

— Willy Woo (@woonomic) November 18, 2021

Shiba Inu boasts a deflationary token model in which tokens are burned, or taken out of circulation, frequently. The largest Shiba Inu wallet, which comprises slightly more than 41% of the supply, is a Black Hole address in which tokens are burned and removed from circulation.