Shiba Inu has long been popular among Ethereum whales. It is clear from their buy history that these whales with massive ETH holdings are betting big on the meme coin’s growth. They have been some of the largest pushers of the digital asset at various moments in the past, pushing it through its climb and holding on even through its fall. This is still the case.
In recent months, these Ethereum giants have increased their holdings. This comes on the heels of the recent market crisis, which saw cryptocurrencies like Shiba Inu plummet to less than 70% of their all-time high value. Despite this, ETH whales remain optimistic about the meme coins, having purchased Shiba Inu in significant quantities, probably anticipating the altcoin’s revival.
Ethereum Whales Increase Their Bet on Shiba Inu
Shiba Inu has undoubtedly gained popularity since its introduction to the market last year. Even at its present depreciated worth, individuals who bought before the price increase are still in the black. Others see the slump as a perfect opportunity to expand their holdings in the meme coin in anticipation of the next bull rally. This has been taken a step further by Ethereum whales.
According to WhaleStats data, Ethereum whales are still largely positive on Shiba Inu. This is proven by their recent purchasing history, which shows that these investors do not believe the reign of dog-themed coins has ended. They have jointly purchased trillions of Shiba Inu, thus establishing the coin’s status as a whale favorite.
A single location has been linked to an almost $40 million Shiba Inu transaction. Together with another whale wallet that purchased more than $34 million in SHIB, this address accounted for the majority of the accumulation.
Nonetheless, additional Ethereum whales have piled in, acquiring SHIB for between $1 and $12 million. These whales have some of the highest Shiba Inu holdings, and their buying pattern indicates positive sentiment among the big hitters.
More SHIB holders are losing money
Shiba Inu’s growth had resulted in the predicted influx of new investors into the token. For a while, everything was fine because the price of the meme coin continued to rise. This quickly changed as investors began to take profits and sell their holdings.
SHIB swiftly lost ground at its all-time high, dropping up to half of its value in a matter of months. However, most investors were still in the black because they bought before the bull run began.
Following the recent market meltdown, the majority of holders are now experiencing losses. According to IntoTheBlock research, 59 percent of all Shiba Inu owners are now losing money, while only 38 percent are profiting.