Meme coin Shiba Inu still remains one of the top choices for investment in the crypto space. Despite not having much utility to speak of, the coin has been able to attract millions of investors, small and large alike, who continue to pour money into the digital asset. This has helped it hold up in the market despite the recent market dips.
Two weeks ago, exchange token had beaten out the meme coin for the top spot of Ethereum whale holdings. It had maintained this spot going forward, pushing Shiba Inu down to the second spot. However, with the price of cryptocurrencies recovering and SHIB recording growth as high as 40% in a single day, ethereum whales have quickly turned their attention back to the investor favorite.
Shiba Inu Is Top Ethereum Whale Holding
Data from WhaleStats has shown that Shiba Inu has returned as a whale favorite. The site which tracks the top 1,000 ethereum wallets by volume of ETH held showed that whales have continued to up their holding in the meme coin. This renewed interest in Shiba Inu has helped it crawl out of the second spot to overtake FTX once again as the most widely held token by ethereum whales.
Related Reading | FSInsight Puts Ethereum At $12,000 EOY, Bullish Forecast For Bitcoin
Not only had Shiba Inu been able to reclaim the top spot, but the average holdings of the top 1,000 ethereum whales also went up. These whales currently hold an average of $1,713,619 worth of SHIB on their balances. It translates to around 54,607,575,181 SHIB held by each wallet on average.
As for FTX token, it still remains a large part of ethereum whales’ holdings, coming in as the second-largest holdings among the wallets. Each wallet is shown to hold around 36,421 FTX on average, coming out to $1,675,413.
Majority SHIB Holders In Profit
With the market crash that saw the price of Shiba Inu decline to $0.00002, it had plunged holders of the asset into a loss. The majority of SHIB holders were in loss towards the end of January/beginning of February. However, the market had begun to recover and with it was SHIB growing rapidly.
Now, the pendulum has once again swung in favor of Shiba Inu investors and the majority have found themselves in profit again. At its current prices, 52% of all SHIB holders are now in profit, all of which have held their tokens for less than one year.
SHIB trading above $0.00003 | Source: SHIBUSD on TradingView.com
The volume of holders currently recording a loss has now dropped to 30%, with 18% in neutral territory, meaning that they purchased their coins around the current price.
Related Reading | Latest Dogecoin Milestone Suggests Recovery Trend May Just Be Starting
SHIB has also recorded success on the charts, finally breaking above $0.00003. It is still a long way from where the digital asset was at its all-time high but shows that it continues to hold its ground on the charts. SHIB is currently trading at $0.00003139 at the time of this writing, down 4.82% in the last 24 hours.
Featured image from NDTV Gadgets 360, chart from TradingView.com