• Shiba Inu (SHIB) has seen double-digit gains in its price over the past week, leading to renewed investor interest.
• Ethereum whales have taken advantage of this growth and now hold over 50.5 trillion SHIB worth approximately $708.4 million.
• As a result, SHIB is now the largest token position by dollar value among the top 5,000 Ethereum whales behind ETH.
Shiba Inu Gains Momentum
Shiba Inu (SHIB) has gained tremendous ground over the past week with its price continuing to see double-digit gains. This newfound momentum has led to renewed investor interest, particularly from Ethereum whales who are taking advantage of SHIB’s growth during this time.
Shiba Inu Loses Position
At one point in 2022, the 5,000 largest Ethereum whales collectively held over $1 billion worth of SHIB tokens but due to its sharp decline in price which saw it fall more than 80%, their holdings were drastically reduced and as a result, Shiba Inu lost its position as the largest token holding by dollar value among these large investors.
Ethereum Whales Boost Shiba Inu To Top Holding
However, there has been a turn in the tide and SHIB has risen once again reclaiming its position at the top of these whale’s holdings list. Currently, these whales hold over 50.5 trillion SHIB worth approximately $708.4 million which accounts for 17.82% of their total value holding – ahead of stablecoins USDT and USDC whose percentage holdings are 17.35% and 14.46%. respectively.
Impact on Price
The renewed interest from investors is putting Shiba Inu into a very good position within the market with its price up more than 19% over the last seven days and trading at a three-month high despite multiple drawdowns due to increased volume from whale trades being conducted in SHIB tokens over the last 24 hours..
Whale’s interest continues to drive Shiba Inu’s price higher however if there was an unexpected sharp drop in demand or selloff then investors should be prepared for drastic changes in prices accordingly as well as other potential market impacts that could follow suit depending on how long it lasts for or what other factors might come into play during such times