Shiba Inu Overtakes Tron as Whales Stack Their SHIB Bag

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  • Shiba Inu has flipped Tron in terms of market capitalization.
  • Despite unimpressive trading volumes, SHIB remains the favorite of top 10 Ethereum whales.
  • ETH and MATIC are the biggest gainers among the top 20 cryptocurrencies.

The Shiba Inu (SHIB) dream lives on, as the second-largest memecoin by market capitalization has overtaken Tron to occupy the 13th spot.

Shiba Inu’s upward — but reluctant — momentum has somehow elevated fans from the rut where it was lingering for over a month. In fact, SHIB reached as low as $0.000007 when it was in the 16th spot.

At the time of writing, SHIB is changing hands at $0.000011 and has a market capitalization of more than $6.450 billion. Meanwhile, TRON is hot on its heels at $6.350 billion market cap, as per CoinGecko.

SHIB/USDT 1-day chart (source: TradingView)

As seen on the chart above, SHIB is in a rather make-or-break position. It has definitely risen above the trenches, but bulls have yet to break past the $0.000012 resistance. Also, the trading volume is lackluster, which means SHIB is not the hottest crypto on the list of traders.

However, traders must not be fooled by the chart, as WhaleStats noted that SHIB is the darling of the top 100 Ethereum whales. In fact, these whales hold up to $550 million SHIB.

In other news, Ethereum (ETH) and Polygon (MATIC) are the biggest gainers in the top 20 cryptocurrency list. ETH has surged up to $1,368 at the time of writing, which translates to an 11.5% weekly increase. Meanwhile, MATIC has risen to $0.77, a staggering gain of 31.8% in the last 7 days.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.