Shiba Inu Is Still The Top Coin Held By Ethereum Whales
Shiba Inu, the renowned meme coin, had been performing poorly in 2022 amid the ongoing market crisis. The token’s price has only witnessed a 2% gain in the past week.
According to CoinGecko, the meme coin is currently trading at $0.00000925. Unfortunately, the coin has only recorded a 2.5% gain in the past seven days.
Meanwhile, the meme coin is performing poorly compared to its rival dog-themed altcoin, Dogecoin. Dogecoin’s price has increased by about 22% in the past week, trading at $0.099840 by press time.
Still, Shiba Inu receives massive attention from Ethereum whales. These whales have invested millions into the token.
Whalestats, a crypto whale tracker, recently tweeted about digital assets. In the tweet, the tracker provided a breakdown of the assets in the portfolio of the first 500 ETH whales.
Per the report, the Shiba Inu token was the top coin held by these Ethereum whales. Shiba Inu held by the whales is worth over $76.5 million.
Surprisingly, these whales also possess an unknown token worth around $50 million. In addition, the Uniswap token was among the top three tokens held by these Ethereum whales.
The Uniswap token held by the whales is worth about $45 million. However, the amount of SHIB tokens held by these whales is surprising, considering the meme token’s bad stats in 2022.
SHIB Gearing For A Potential Breakout?
Several analysts have predicted that Shiba Inu might collapse in 2023. Still, Ethereum whales have not given up on the meme coin despite this bad prediction.
Although Shiba Inu’s price value is declining, the token’s MVRV (Market Value to Realized Value) ratio has increased. These metric signals indicate that the token might soon be gearing up for a renewed bullish run.
Furthermore, Shiba Inu’s social dominance has increased since last week. This shows that the crypto community is still interested in the coin.
Shiba Inu was in the news recently after a Swedish sports car added the token as a means of payment. Meanwhile, net deposits on crypto exchanges for Shiba Inu are still minimal.
This indicates that there is no intense selling pressure on the token that might push down its price. Nevertheless, ETH whales are likely hoping to cash out big from holding Shiba Inu in the long run.
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