Bullish for Shiba Inu! SHIB is now number 1 coin among Ethereum whales

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Shiba Inu Coin (SHIB) has seen massive gains over the past week, posting double-digit gains. With this new momentum, investor interest is increasing – Ethereum whales in particular are flocking to Shina Inu Coin right now.

Ethereum whales love Shiba Inu Coin (SHIB)

In 2022, the price of Shiba Inu fell by more than 80% from its all-time high, prompting bearish sentiment among investors. During this time, the top 5,000 Ethereum whales, who at their peak were worth more than $1 billion worth of SHIB, saw their holdings drop significantly. As a result, Shiba Inu’s position as the largest deposit holder by dollar value among these large investors was over time eliminated.

However, the tide has turned – and SHIB has risen again to regain its position. At the time of writing, the meme coin is now the largest token site of the top 5,000 Ethereum whales behind ETH, overtaking USDT and USDC, which have been leading the list for the past few months .

SHIB is the largest token site behind ETH among the top 5,000 Ethereum whales | Source: WhaleStats

Currently, these whales have over 50.5 trillion SHIB worth about $708.4 million, which is 17.82% of their total value. This puts SHIB ahead of stablecoins USDT and USDC, which account for 17.35% and 14.46% of these whales’ holdings, respectively.

How does this affect the price of SHIB?

There is no doubt that this renewed interest from investors has put Shiba Inu Coin (SHIB) in a very good position in the market. In the last seven days, the price of the token is up more than 19% – and despite multiple declines, the price of SHIB is trading at a three-month high.

Whale interest is also helping to push 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 base in a unique position to benefit from increased volume. But it also means that a sharp drop in volume would hurt the price.

SHIB is currently trading at $0.00001403, down 2.74% in the last 24 hours. Over the past 12 months, the base has lost 53% but has gained 62% over the past four weeks (data from nomics.com).

Shiba Inu (SHIB) price chart from TradingView.com: SHIB price is trading at 3-month high | Source: SHIBUSD on TradingView.com

Should you buy Shiba Inu Coin now?

You can buy Shiba Inu Coin today, but according to analysis there may be better risk-return potential with the following cryptocurrencies:

C+ Charge wants to solve the problem of CO2 emissions in the transport industry and is developing a crypto-based ecosystem where both individuals and companies can trade emission certificates in a decentralized way – an innovative basis for e-cars, such as you would say. In the current presale, 1 CCHG currently costs 0.0145 USDT, in 7 days the price will rise to 0.016 USDT.
Investors from Saudi Arabia are currently pouncing on The Sandbox (SAND) – and this is exactly the project that inspired RobotEra (TARO): The blockchain-based construction game is set in a futuristic world ruled by robots. Players also take on the role of robots and can manage and control entire sandbox-like planets. Previously, 1 TARO currently costs 0.020 USDT, with the start of the next phase the price will increase to 0.025 USDT.

Text credit: Newsbtc