KEY POINTS

  • Shiba Inu recently launched its partnership with Welly's restaurant
  • SHIB's price continues to surge
  • The Shib Army consistently shows its love to the meme coin

Shiba Inu, the doge meme coin which started as a fun currency and now has become a decentralized ecosystem, sees continued upward momentum while breaking records and achieving new milestones, triggering fans to speculate that the SHIB may be the new crypto king.

The top 1,000 Ethereum whales have made Shiba Inu the most widely traded token, allowing the meme coin to knock off the Curve DAO Token (CRV) from its perch and become the biggest ERC-20 holding coin. Based on the latest data from Whalestats, the top 1,000 whales hold $1,822,731,714 worth of Shiba Inu coins.

An ERC-20 token is a standard used for not only creating but also issuing smart contracts on Ethereum. It is similar in some respects to Bitcoin, Litecoin and other cryptocurrencies but instead of running on their own blockchain, ERC-20 tokens are issued on the Ethereum network.

Shiba Inu -crypto
Shiba Inu token. Shiba Inu -Twitter

"#ShibArmy Congrats! The King is coming back! Trophy #SHIB flipped #FTX to become biggest ERC-20 holding (16.85%) among the top 1,000 ETH whale wallets with a total value of $1,822,731,714," reads Whalestats' tweet. Over the last week, Shiba Inu has gained almost 43% while Bitcoin and Ethereum gained around 13% and 12%, respectively, over the same period.

SHIB has a market capitalization is around $17,804,815,844 at the time of writing, landing on the 13th spot on the list of most sought-after cryptocurrencies. It is now up by 3.32% at $0.000033 with a 24-hour trading volume of $2,084,468,122, as per Coinmarketcap data.

The SHIB appears to be on a winning streak as it breaks records and achieves milestones. The meme coin, which is the top threat to DOGE in terms of popularity, is inching closer to its 1 cent target.

The Shib Army never lost a moment to show support to their favorite meme coin, which is definitely paying off now considering the DOGE killer's performance. Shiba Inu has been making a lot of positive noise online over a wide range of initiatives.

The most recent is the launch of its parternship with fast-food restaurant Welly's in Italy. Welly's is the first real-life utility for Shiba Inu and has received a 4.9 rating on Google and a lot of claps from the Shib Army.

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