Shiba Inu has gained ground tremendously over the past week as its price continues to see double-digit gains. With this newfound momentum has come renewed interest from investors and Ethereum whales are notably taking advantage of SHIB’s growth during this time.
The year 2022 actually saw the price of Shiba Inu fall over 80% from its all-time high, triggering immense bearish sentiment among its investors. During this time, the 5,000 largest Ethereum whales, who had collectively held over $1 billion worth of SHIB at one point, would reduce their holdings drastically. This saw Shiba Inu’s position as the largest token holding by dollar value among these large investors eradicated over time.
However, there has been a turn in the tide and SHIB has risen once again to reclaim its position. At the time of this writing, the meme coin is now the largest token position by the top 5,000 Ethereum whales behind ETH, beating out the likes of USDT and USDC that have dominated the list over the last couple of months.
SHIB is largest token holding behind ETH among top 5,000 Ethereum whales | Source: WhaleStats
Currently, these whales hold over 50.5 trillion SHIB worth approximately $708.4 million, accounting for 17.82% of their total value holding. This puts it ahead of stablecoins USDT and USDC which make up 17.35% and 14.46% of the holdings of these whales, respectively.
How Does This Affect SHIB Price?
There is no doubt that this renewed interest from investors has put Shiba Inu in a very good position in the market. Over the last seven days, the token’s price is up more than 19%, and despite multiple drawdowns, SHIB’s price is trading at a three-month high.
Whales’ interest is also helping to drive the price higher as SHIB is the most traded token among the top 5,000 ETH whales in the last 24 hours. This puts the meme coin in a unique position to benefit from the increased volume but it also means that if there were to be a sharp drop in this volume, then the price would suffer.
Presently, SHIB’s price is sitting at $0.00001403, a 2.74% decline from its value in the past 24 hours. This follows the general market downturn ahead of Fed Chair Jerome Powell’s speech. This could trigger volatility in the market, but where the prices will end up is anyone’s best guess at this point.
SHIB price trading at three-month highs | Source: SHIBUSD on TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Watcher Guru, chart from TradingView.com
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