Shiba Inu Becomes Ethereum Whales Largest Holding Surpassing USDT

Key Insights:

• Shiba Inu is the second biggest asset by allocation amongst the Ethereum whales.
• Trading at $0.00000803, SHIB has slipped below Avalanche in terms of market cap.
• USD Coin still remains the first priority for the whales.

Despite its absurdity, the meme coin, which managed to attract millions of investors towards itself, has now also managed to attract Ethereum’s whales.

The top 100 whales on the network are basically wallets that hold an average of $14 million in value.

And by the looks of it, Shiba Inu has made itself prominent in their holdings.

Shiba Inu Has the Upper Hand

Although Shiba Inu is not even in the top 10 cryptocurrencies in the global crypto market, among the whales, the altcoin certainly has a lot of demand.

Occupying 13.9% dominance on the top 100 wallets, almost $400 million worth of Shiba Inu currently sits with these whales.

The first position still belongs to the USD Coin, which over the last few weeks has managed to outperform the biggest stablecoin in the world, Tether, significantly.

The former has an 18% dominance in these wallets, whereas the latter only has a 12.42% dominance in these wallets. 

Among the other tokens that the whales prefer to hold include the FTX token, Polygon’s MATIC, Chainlink’s LINK, and Decentraland’s MANA, among others. 

Shiba Inu on the Charts

However, despite finding significant demand, SHIB still has not exhibited a single sign of recovery in more than two months now. Since mid-April, the meme coin has been declining and has managed to wipe out 70.72% of its value.

But trading at $0.00000803, SHIB might be healing onto a path of recovery, with price indicators showing the possibility of an uptrend initiating soon.

The Parabolic SAR’s white dots currently indicate a downtrend, but their proximity to the candlesticks is bound to trigger an uptrend.

This is also backed by the fact that the MACD has officially shifted into a bullish crossover, with the appearance of green bars confirming the change in trend. 

Should SHIB sustain this momentum, it will be able to recover at least some of the losses it has incurred since May.