Shiba Inu continues to be a prized possession for a variety of whale species, according to data from WhaleStats. Shiba Inu reportedly exchanged another token to take the lead as the top dollar-value holding among the top 100 ETH whales, a position it still holds as of press time.
The top 1,000 ETH whales that had SHIB as their largest holding—worth $137,540,787 of SHIB—had the similar experience. SHIB was also the largest holding for the top 5,000 whales. Additionally, this whale class contained a sizable number of SHIB.
Why do whales care about Shiba Inu?
It’s possible that SHIB’s low worth in comparison to other significant cryptocurrencies, particularly those in the top 20, is the reason that whales hold a huge portion of the currency. SHIB was trading at $0.0000108 at the time of publishing, down 1.65% over the previous day. With a $5.97 billion market cap, SHIB is the 14th largest cryptocurrency by market size.
SHIB established a new high for the number of owners. According to data from WhaleStats, the number of SHIB holders was 1,221,841 at the time of publication. Even if it might not have an immediate effect on the price, the number of holders may indicate a token’s long-term interest.
According to research from IntoTheBlock, 32% of Shiba Inu owners are “hodling” with long-term goals in mind. Only 3% of investors are short-term observers, whereas 64% of holders are involved for the long haul. Another factor could be optimistic expectations for SHIB projects. The video game Shiba Eternity recently made its global debut and quickly acquired popularity, climbing to the top of the App Store.
Shiba Inu also continuously introduces fresh ideas for its metaverse initiative. Shiba Inu’s significant transaction, which serves as a stand-in for whale activity, increased 145% over the previous day. However, due to the adverse market environment, the price of SHIB has underperformed this year. SHIB’s current value is still 87% behind its October all-time high of $0.000086.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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