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.
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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