Ethereum whales have always been among the biggest Shiba Inu devotees. Together they had increased their SHIB holdings to more than $ 1 billion. For the most part, these top 100 ETH wallets seem to be bullish on the digital asset. But that is likely to change soon. Then: Stocks of these whales have been declining since they were below $ 1 billion. This trend seems to be continuing as stocks are now down by almost 50%.
Will SHIB rise again?
Shiba Inu stocks of the top Ethereum whales seem to have been declining for some time. A critical point was reached as the value fell below $ 1 billion for the first time in months. That highlighted what whales are up to in terms of the meme base – and why they seem to be reducing their holdings.
In the weeks that followed, it became clear that this feeling was right. Say: SHIB holdings of these top wallets are declining.
At the time of writing, SHIB tokens make up only 10.75% of all token holdings across the top 10 Ethereum wallets. This represents a drop of almost 5% from where it was in early May, when SHIB accounted for 15.23% of token holdings.
The number is even more depressing in dollar terms. Two weeks ago, the whale population was $ 875.8 million.
Today, that number dropped to $ 543.7 million. This indicates that Whale Ethereum holdings are down almost 50% from early May to date.
SHIB has also lost its position as the largest dollar – value signage site in the top 100 ETH whales. This title now belongs to the FTX token, which was fighting the meme base for supremacy among the best ETH wallets.
Fewer and fewer investors Shiba Inu
As the market began to decline, digital assets like Shiba Inu Coin stayed up relatively well, although they posted some losses of their own. However, this did not last long – recently they began to fall on an even larger scale.
In the first quarter of 2022, the majority of SHIB holders were still making a profit. As the second quarter came to an end, the tide turned and most coin meme investors suffered losses.
Data from IntoTheBlock shows: Only 24% of all Shiba Inu investors are currently in profit. A large majority, 73%, are in the red.
Only 2% of all investors are currently in neutral territory. The digital asset is held by most of those who have been in profit for a year or more. On the other hand, short-term investors are at the forefront of the losses.
The meme base is currently trading at $ 0.000011. That represents an 87.02% drop from the all – time high of $ 0.00008, recorded on October 28, 2021. It remains to be seen when and how quickly Shiba Inu Coin can recover now.
Text credit: Bitcoinist
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