Shiba Inu, the beloved meme coin, has consistently captured the attention of the largest Ethereum whales, and recent data shows that its popularity among these influential investors remains steadfast. Among the top 100 Ethereum whales, Shiba Inu boasts a significant position, making up almost 12% of their token holdings. This article delves into the latest figures and analyzes Shiba Inu’s current standing in the crypto market.
Shiba Inu’s Impressive Presence Among Top Ethereum Whales
The top 100 largest Ethereum whales are known for their strategic diversification, and while stablecoins dominate their portfolios, Shiba Inu stands out as the leading non-stablecoin token holding. According to data from WhaleStats, SHIB holds the third-largest position among these whales, trailing only USDC and USDT. Its current share of nearly 12% showcases its popularity and influence among prominent investors.
SHIB’s presence in the whales’ holdings is valued at over $601 million, a significant milestone it has reached in the past year. It surpasses other well-known tokens like stETH and MATIC, establishing itself as a significant player in the market. Additionally, Shiba Inu claims the title of the most-traded token among these investors, reinforcing its prominence in the crypto landscape.
The Challenge of SHIB’s Recovery
Despite its popularity among whales, Shiba Inu has faced challenges in recent times. The meme coin has struggled to recover amid a persistent bear trend, setting it apart from its rivals like Dogecoin and Pepe Coin, which have experienced notable rebounds. As a result, a considerable portion of SHIB holders currently find themselves in a loss, with only 13% of holders in profit, and a concerning 81% in loss, according to IntoTheBlock’s data.
Most SHIB holders are long-term investors who have held the coin for over a year. To reverse the negative trend, SHIB would need to reach yearly highs, but with a noticeable decline in daily trading volume, it’s unlikely to see substantial positive movement in the short term. As a result, the bearish outlook may continue for some time.
Shiba Inu’s Current Status
At the time of writing, SHIB is trading at $0.00000788, displaying a modest increase of 0.79% in the last 24 hours. With a market cap of $4.6 billion, Shiba Inu ranks as the 17th-largest cryptocurrency by market capitalization.
Shiba Inu’s influence remains prominent among the top Ethereum whales, as it accounts for nearly 12% of their token holdings. However, the coin faces challenges due to its ongoing bearish trend, leaving the majority of its holders in a loss. Despite its popularity and potential, investors should be cautious about the short-term outlook for SHIB. As the crypto market continues to evolve, Shiba Inu’s journey may see further twists and turns.
