Capital in the crypto markets is shifting to meme coins as the new week begins.
Ethereum-based dog-themed crypto-asset Shiba Inu (SHIB) is up 40% in the past 24 hours, briefly blasting a $10,000,000,000 market cap.
Dogecoin (DOGE) rival’s surge from $0.00001259 to as low as $0.00001762 comes shortly after Bitcoin and Ethereum hit key levels of psychological resistance at $25,000 and $2,000 respectively.
DOGE itself is also on the rise, moving from $0.073 over the past day to a high of $0.084 – a jump of about 15%.
Both coins are pretty quiet on fundamental developments. Shiba Inu’s latest development is the coin’s addition to Binance Card, a Visa debit card that allows users to earn cash in the form of crypto.
SHIB remains one of the largest altcoin holdings among Ethereum whales.
According to on-chain tracker WhaleStats, Shiba Inu is the fourth largest altcoin holding among the top 5,000 recorded Ethereum whales.
Here is a overview of the top ETH altcoin holdings among the largest wallets out there.
- USDC – $943,954,202
- USDT – $767,953,374
- stETH – $395,870,787
- SHIB – $178,686,986
- BIT – $116,441,994
- MKR – $97,634,872
- LINK – $85,205,448
SHIB is down about 80% from its all-time high of $0.00008616, a high reached in October of last year.
Its current price is $0.00001671, which is a 24-hour gain of about 32%.
In a new note to traders, crypto exchange Kraken says ETH has been its most active asset over the past week as a significant number of investors have re-entered the market.
“The desk saw steady two-way flows this week. ETH was the most active asset. Many clients took advantage of the strong ETH supply to reduce risk.
The breakout, in turn, sidelined buyers looking to shift cash into BTC and ETH. There was also a spike in FLOW requests as the token recovered following the partnership news with Meta.”
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Featured Image: Shutterstock/DM7/Sean Sinclair/karnoff