Shiba Inu Resurfaces As ETH Whales’ Biggest Holding

Shiba Inu (SHIB), the largest holding among the top 500 Ethereum whales, has eclipsed Silverway (SLV), according to the cryptocurrency data website WhaleStats.

Next to ETH itself, SHIB continues to be the asset that whales hold the most of. Among the top 100 ETH holdings, the average position size for the Shiba Inu token is 495.2 billion SHIB, or $5.5 million. Although their SHIB stake is 53 times lower than their ETH position in size, it is still larger than their over $2 million USDC Stablecoin holding.

Without adding ETH itself, SHIB accounts for 23.33 percent or $544.9 million of the Ethereum whales’ total assets. According to this calculation, 9 percent of the total supply of SHIBs is concentrated in the balance of large ETH wallets, or around 49.5 trillion SHIBs.

Why do whales purchase Shiba Inu?

It is now acceptable to assume that many people are enthusiastic about purchasing SHIB. There are so many that more than 1.2 million addresses now hold the token, according to latest data.

It is tough to fully grasp what may be motivating major players to build up sizable Shiba Inu positions, but two possibilities exist if the token is indeed being actively accepted as a form of payment lately. Either the wealthy are purchasing SHIB with the expectation that the token’s price would rise sharply as a result of its quick adoption, or they are drawn to the idea of utilizing SHIB to purchase opulent items like yachts, designer clothing, and country homes.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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