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February 8, 2023
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ETH Whales Unload Their Stack of Shiba Inu Tokens and Accumulating This Altcoin

The post ETH Whales Unload Their Stack of Shiba Inu Tokens and Accumulating This Altcoin appeared first on Coinpedia Fintech News

One of the most popular meme currencies, Shiba Inu, failed to make investors happy with its lackluster performance because it only managed to boost its price by over 2% during the past week. Amid the poor performance and the dramatic events in the past few weeks, Shiba Inu has lost its position as the most popular cryptocurrency among the Ethereum whales. 

Selling pressure in the cryptocurrency sector happens when the majority of traders sell their holdings, indicating that they believe the asset’s price will decline. Shiba Inu is no longer the largest holding among the top 100 largest Ethereum whales, according to WhaleStats. Decentraland (MANA), according to the data, is currently the largest token held by ETH whales.

On November 29, the whale tracker showed that the top 100 ETH whales own Shiba Inus valued at more than $68 million. However, whales currently own MANA coins worth $1.05 million. It’s said to represent 35% of the overall stake.

On the same platform, the top rich list reveals that SHIB continues to be the preferred cryptocurrency of the biggest Ethereum investors. It is still held by other whales who have less than $100 million in this coin.

Conclusion

Despite Shiba Inu’s poor price prediction and performance, Ethereum whales have not given up on the meme coin. Shiba Inu’s price is falling, while the MVRV (Market Value to Realized Value) ratio of the token is rising. These metrics suggest that the cryptocurrency may be preparing for a new bullish run soon.

While Shiba Inu’s price has increased massively compared to last year, the price was also impacted by the cryptocurrency crash that occurred in May and now by the FTX collapse. Some investors anticipate the coin to grow in the upcoming month.

However, they had the backing of Ethereum whales, who have now fallen behind. The social metrics’ evaluation of SHIB’s success had likewise been underwhelming. According to data from Santiment, social dominance increased slightly to 0.898%. 

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