Top ETH Whales Accumulating Shiba Inu For Short- Term Profits

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Meme tokens have been the hardest damaged sector in the latest cryptocurrency market slump. The biggest Ethereum (ETH) whales, on the other hand, have taken advantage of the recent drop. Shiba Inu (SHIB) has emerged as the whales’ preferred breed in this competition.

Last year’s popular dog-themed meme coins haven’t grown in popularity this year. SHIB token, which surpassed Bitcoin (BTC) as the most sought crypto in 2021, has plummeted. Shiba Inu prices have dropped by more than 52% in the last 60 days. Meanwhile, the ETH whales have continued to build up their holdings as the market remains very volatile. 

Shiba Inu has surpassed the top 500 ETH whales in terms of holdings, according to WhaleStats. SHIB has flipped the FTX token (FTT) to the number one position. For a long period, the FTT token was the largest token held by whales. SHIB holdings by the top 100 Ethereum whales have surged dramatically as we look deeper.

The top 100 Ethereum wallets own about $573 million worth of Shiba Inu tokens, according to Whalestats. SHIB’s holdings have climbed by over $259 million since then, according to the data. The top 100 wallets currently have roughly $833 million worth of SHIB tokens in their possession. 

A new member of the squad! 

In the previous 24 hours, the price of the SHIB token has dropped by 6%. At the time of publication, it was trading at an average price of $0.000012. The recent price decline in Shiba Inu explains the whales’ bulk stockpiles. Meanwhile, with a total market cap of over $6.4 billion, it remains the second-largest meme cryptocurrency. 

The SHIB team announced the addition of Marcie Jastrow to their group in order to build the previously unveiled Metaverse. Jastrow has over 20 years of expertise in the entertainment sector, according to them. She was the head of the Immersive team at Technicolor and its various brands.