The cryptocurrency market has been in a sad state for several months. Meme tokens like Shiba Inu (SHIB) have suffered their worst hit since the cryptocurrency crash.
Nevertheless, the Ethereum (ETH) whale has been involved in this cryptocurrency plunge, and Shiba Inu (SHIB) has proven to be a top pick for the giant ETH whale.
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ETH Whale on SHIB Buy
With Dogecoin or dog-themed memecoins gaining popularity in 2021, Shiba Inu hasn’t been able to expand or gain traction this year.
Comparing to BTC, SHIB, dubbed the most searched cryptocurrency for 2021, has seen a dismal downtrend. Over the past two months, the coin price has fallen 52% of its value. ETH whales are gathering in the market to trade despite the turbulent situation.
Take a look at the top 100 whales here. https://t.co/tgYTpOm5ws
— WhaleStats – Baby Whale ($BBW) (@WhaleStats) May 24, 2022
According to WhaleStats, SHIB ranks higher than FTX tokens (FTT) with 467,912,829,017 in average holdings in the top 10 holdings compared to 301,753 for current FTX.
This is a surprising change, given that ETH whales have held FTX tokens for the longest time.
WhaleStats revealed that the top 100 ETH wallets currently hold around $543 million in SHIB. However, SHIB holdings have risen sharply to $259 million.
Surprisingly, SHIB has plummeted 6% in the last 24 hours to trade at $0.000012. SHIB’s recent price drop supports ETH whales’ massive show-off. SHIB has a market cap of $6.4 billion.
SHIB total market cap at $6.51 billion on the daily chart | Source: TradingView.com
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Utilize Shiba Inu Metaverse Hype
SHIB welcomed Marcie Jastrow to the team to develop their Metaverse dream.
Jastrow’s more than 20 years of extensive experience in the glamor and glamour of the entertainment industry for Technicolor and other brands can help SHIB achieve the highest level of immersive experiences for its users.
Shiba Inu is the most searched crypto last year (Cointribune).
On March 8th, WhaleStats announced that $1.4 billion in SHIB holdings at the time had overtaken $1.36 billion in FTT holdings. Top ETH whales hold $1.4 billion worth of SHIB.
Ethereum whales switched bullish with Shiba Inu metaverse hype. The price of the coin has always been on a downward trend since its all-time high in October.
Featured image from Cointribune, chart from TradingView.com