As investors look to consolidate profitable positions, big moves are being made in the crypto market, and recently top Ethereum whales have switched their assets from SHIB to other coins.
This move has removed the popular meme coin from their list of top ten assets. Shiba Inu is also feeling the effects of the recent downturn in prices. Investors’ faith in crypto is low due to the FTX crash. However, some investors are still optimistic about the rise of crypto with more adoption and utilization.
Vital data from WhaleStats reveal that the top 100 whales on the Ethereum blockchain have switched allegiances from the SHIB coin.
This move makes crypto observers wonder if there is any hope left for the token. The recent hack and subsequent theft of Ethereum tokens from FTX might also have a part to play in this decision.
SHIB Setting A stage For Bull Run
Shiba Inu showed signs of life jumping by 5.94% in the last 24 hours. The price of the token moved from $0.00000935 to $0.00000990. SHIB displayed a long green hourly candle.
It represents a surge from the price levels maintained since November 22, when the price was at the $0.00000821 level. SHIB’s price has increased, posting a gain of up to 20% on the former price.
In seven days, Shiba Inu has risen to 8.38% showing signs of a positive trend. However, it is still 88.91% below the all-time high of $0.00008845 achieved on October 28, 2021. Whales dump SHIB Holdings However – It Is Still Relevant To Investors.
According to WhaleStats, the past weekend had whales dropping SHIB from their list of top 10 assets. Whales have now shifted their attention to other altcoins like MANA and stETH.
These two assets are top of the list and where the holding volume among the whales is much. Also on the top ten list are ANT, ENJ, UTK, CVC, TKN, DAWN, and SNT.
SHIB is also not available on the top twenty list held by the whales. In contrast, the rich list on the WhaleStats platform shows that the largest Ethereum Investors still have Shiba Inu holdings.
The top whale on this list holds an enormous 18,113,302,000,496 SHIB worth $178,053,759. Other ETH whales possess around $100 million worth of SHIB or less.
The top ten whales behind the largest – ETH whale hold; between $98 – $100 million worth of SHIB tokens each. It means that each wallet holds around 10,000,000,000,008 SHIB.
The statistics show that all is not lost for Shiba Inu since investors still regard it as a store of value. The total number of SHIB holders is currently at 1,255,976.
Featured Image From Pixabay, Charts From Tradingview.com