Shiba Inu Price Soars as Ethereum Whales Pile In: Up 19% in a Week
• Ethereum whales have significantly increased their holdings of Shiba Inu, making it the largest token position among top 5,000 investors.
• SHIB is currently trading at a three-month high and has seen double-digit gains over the past week.
• Ethereum whales are driving the price higher as SHIB is the most traded token among them in the last 24 hours.
Ethereum Whales Boost Shiba Inu
Shiba Inu (SHIB) has seen its price increase significantly over the past week due to renewed interest from investors and especially Ethereum whales. At present, these top 5,000 Ethereum wallets hold more than 50.5 trillion SHIBs worth approximately $708.4 million, accounting for 17.82% of their total value holding, which puts it ahead of popular stablecoins USDT and USDC.
The newfound momentum has caused SHIB’s price to surge to a three-month high despite multiple drawdowns over time. The meme coin is up more than 19%, and this increase in value has been largely driven by Ethereum whales as they are currently responsible for most of the trades involving SHIB in the last 24 hours.
Previous Price Decline
It should be noted that Shiba Inu had fallen over 80% from its all-time high during 2022, prompting immense bearish sentiment among investors at that time. This led to these large Ethereum wallets reducing their holdings drastically and eliminating Shiba Inu’s position as the largest token holding by dollar value among them at one point.
However, there has been a turn in the tide with renewed interest now pouring into SHIB through these large wallets once again, allowing it to reclaim its spot on top of this list of holdings with an impressive 17% share compared to other tokens such as USDT and USDC which make up 17% and 14% respectively.
Benefits For Investors
This renewed attention from investors is certainly beneficial for those who hold Shiba Inu as it gives them greater exposure in terms of market capitalization and liquidity when compared to other tokens held by these same wallets. As such, those looking for a potential profit could benefit from taking advantage of this current situation while it lasts