In the midst of the ongoing crypto winter, Ethereum whales are not feeling so cold. Major investors continue to double down on the Shiba Inu (SHIB).
SHIB becomes the most popular token among Ethereum whales
According to the latest data from WhaleStats, the top 5,000 ETH whales currently hold a total of $139,721,341 worth of SHIB. On the other hand, the 100 largest ETH whales are holding $138,166,023 worth of SHIB.
Despite its impressive value, these whales have significantly reduced the size of their SHIBs in the past 30 days. For example, on August 22, the largest 5000ETH whales had a SHIB of 159,673,102. Now, the top 100 ETH whales are holding $151,728,733 worth of SHIB as of August 30. This drop came after the token’s price dropped more than 31% after a relief. The price started rallying at the time when it broke above the $0.0013 psychological zone.
SHIB is currently the biggest loser among its competitors
Compared to Dogecoin as well as other cryptos like Solana, Cardano, Ethereum and Bitcoin, SHIB is still the biggest loser with a drop of around 87% since the ATH level. However, alongside an attractive ecosystem growth, the price cut is spurring ETH whales to start buying the meme token again.
This week, ETH whale activity revolving around SHIB has seen an uptick with the BAT token passing on Wednesday. On the same day, the website tracked an ETH whale named “Gallion” that bought around 270,772,472,924 SHIB.
In addition, the number of SHIB holders is increasing at an impressive rate. According to CryptoEye data, the Shiba Inu earned 105,374 new HODs last month. Thus, the total number reached 2,185,362. Technically, the SHIB chart looks bleak. However, continued uptake by whales provides the impetus for $0.000013. A break above this area will prepare SHIB for a mega bull rally towards $0.000034
Shiba Inu is a meme token that started as a meme and has now grown into a huge ecosystem. The cryptocurrency ranks 14th among the largest cryptocurrencies by market cap. It is the fourth largest cryptocurrency held by ETH whales, behind ETH, stETH, and stablecoins.
Shiba Inu price analysis
cryptocoin.comAs you follow, Former US politician David Gokhshtein has recently put forward a very positive outlook for SHIB. However, the price is moving sideways with the market, trading at $0.00001103. It has to be said that it has outperformed other cryptocurrencies since last week.
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