The crypto market has been in a sorry state for several months now. Meme tokens like Shiba Inu (SHIB) took the worst blow following the crypto crash.
Despite that, Ethereum (ETH) whales have played on this crypto plunge, and it appears that Shiba Inu (SHIB) turned out to be the top choice of the giant ETH whales.
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ETH Whales On A SHIB Buying Spree
With Dogecoin or the dog-themed meme coins rising in popularity in 2021, Shiba Inu has failed to scale or get some traction this year.
SHIB, which is dubbed the most searched crypto of 2021 compared to BTC, has had a dismal dip. The coin’s prices have shed 52% of its value, as seen in the past two months. ETH whales have been pooling in the market and trading despite turbulent conditions.
JUST IN: $SHIB @Shibtoken has flipped #FTX Token for biggest holding by dollars among top 500 #ETH whales
Peep the top 100 whales here: https://t.co/tgYTpOm5ws
(and hodl $BBW to see data for the top 500!)#SHIB #FTX Token #whalestats #babywhale #BBW pic.twitter.com/u2OHdVqu2G
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) May 24, 2022
According to WhaleStats, SHIB has now outranked the FTX token (FTT) in terms of average quantity held in the top 10 holdings with 467,912,829,017 compared with 301,753 for FTX.
Considering that the ETH whales have held the FTX token for the longest time, the shift was astounding.
WhaleStats disclosed that the top 100 ETH wallets currently hold roughly $543 million of SHIB. That said, SHIB holding has dramatically increased to as much as $259 million.
Remarkably, SHIB has plunged by 6% in the past 24 hours, trading at $0.000012. The recent price drop of SHIB supports the ETH whales’ bulk splurge. SHIB has a market cap of $6.4 billion.
SHIB total market cap at $6.51 billion on the daily chart | Source: TradingView.com
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Capitalizing On Shiba Inu Metaverse Hype
SHIB has welcomed Marcie Jastrow to the team to advance with their Metaverse dream.
Jastrow’s extensive experience of over 20 years in the glitz and glam of the entertainment industry for Technicolor and other brands can help SHIB attain that top-notch immersive experience for their users.
Shiba Inu is the most searched crypto last year (Cointribune).On March 8, WhaleStats also announced that SHIB holdings at $1.4 billion at that time overtook FTT holdings of $1.36 billion. The top ETH whales hold as much as $1.4 billion worth of SHIB.
Ethereum whales have pivoted to a bullish stance with the Shiba Inu metaverse hype. The coin’s price has always been downtrend since its all-time high in October.
Featured image from Cointribune, chart from TradingView.com