Shiba Inu Rockets Higher As Meme Crypto Become Most Traded Among Top 1000 Ethereum Whales

WhaleStats shows that Shiba Inu (CRYPTO: SHIB) is now the most traded crypto among the top 1000 Ethereum (CRYPTO: ETH) whales. It also holds the biggest token position by dollar value.

Timeline of Ethereum, Shiba-inu

Shiba inu extended recent gains into the weekend, as the meme coin rose to its highest point in four months. Today's surge saw prices climb by as much as 13%, and comes despite cryptocurrency markets mostly consolidating. Dogecoin also moved higher, breaking out of a recent ceiling in the process.

Over the past three months, the Shiba Inu coin price action has shaped into a rounding bottom pattern. This pattern consists of three phases, a downfall, consolidation(accumulation), and uptrend, displaying a U-shaped recovery.

An Ethereum (ETH)-based non-fungible token (NFT) gaming project skyrocketed by more than 70% this week amid a flurry of new upgrades. The utility and governance token of Illuvium (ILV) surged to a weekly high of $105 from a low of $61.81 on January 29th. Illuvium is a project that aims to build open-world fantasy games.

David Gokhshtein believes that once SHIB starts moving, the other top meme coins will start growing as well. The other top meme coins that are close to SHIB in popularity are Floki Inu (FLOKI) and Baby Doge Coin (BabyDoge).

Since 20 January, Ethereum has encountered resistance at $1,680. Even so, there is optimism that ETH will reach $1,800 or even higher by the end of February due to the ascending triangular pattern and improvements in investor mood in ETH derivatives.

Shiba Inu has been making headlines recently as the release of the Shibarium upgrade was teased by Shytoshi Kusama three days ago. However, things might not be going well outside the ecosystem.

Shiba Inu (SHIB), the second-largest memecoin, has been working on enhancing its brand value by forming partnerships with clothing brands like Bugatti Group and English designer John Richmond.

Sberbank, Russia's largest bank, has announced it is going ahead with its plan to launch its decentralized finance (DeFi) platform on Ethereum.  According to the bank, there are plans to launch open trials for the platform as early as March 2023.

The year 2023 has had a positive impact on the entire crypto market especially Bitcoin which saw a jump of 40% in just one month. As the flagship currency began its recovery rally, so did the other altcoins, including the meme currency, Shiba Inu.

Ethereum [ETH] experienced a price increase before the close of the trading session on 2 February, bringing it to its highest level in more than four months. How did traders respond to it, and how might their responses impact the future price of ETH?