Ethereum Whales Are Wildly Accumulating Shiba Inu, Here’s Why
Shiba Inu still seems to hold the favorite Ethereum whale coin title as whales are stacking it. Shiba Inu has received some excellent news recently. And part of the credit goes to Ethereum whales, who are continuously getting their hands on it.
These whales possess enormous quantities of Ether, and at the same time, they get their hands on other cryptocurrencies from time to time. Last week, SHIB regained its largest whale-holding title, which can be identified as a notable milestone for the coin.
Shib is still not in its best form yet. It is currently 87% down from its all-time high of $0.00008845. But amidst the bear market, SHIB witnessed one hell of a show with 35% gains over the past week. This was followed by sheer buying pressure, which made the coin outperform other top coins.
According to data from Whalestats, Shiba Inu holds the position of the biggest token by dollar value among the 100 whales. Shiba Inu accounts for almost 14.49%. It is followed by another whale favorite, USDC, which stands at 13.26%. The No.3 token, ShibDoge, trails just behind, accounting for around 10.3% of total holdings.
One reason for the bullish behavior of Ethereum whales is possibly the rising rate of SHIB token burning. Even if the quantity of coins in circulation hasn’t been significantly decreased yet, a vigorous burning campaign may eventually increase the price of Shiba Inu.
Shiba Inu may also be sparked by a few upcoming events. The Shibarium layer-2 solution’s anticipated third-quarter 2022 debut is arguably the most significant of them in the near term. The Shiba Inu metaverse is anticipated to debut later this year as well.