As the price of Shiba Inu drastically increases, it has created a surge in interest from investors. This newfound momentum is particularly enticing Ethereum whales, eagerly taking advantage of SHIB’s growth. Last week saw massive double-digit gains for this cryptocurrency, and it looks like that trend will be around for a while!
Despite A Turbulent Past, Shiba Inu Is A Favorite Of Ethereum Whales
In 2022, the price of Shiba Inu plunged by an extraordinary 80% from its peak. This caused investors to become extremely bearish regarding their investments in SHIB. Consequently, these 5,000 most giant Ethereum whales— who had at one point held a collective $1 billion worth of SHIB — drastically sold off their holdings and eventually led to the digital token losing its status as being the highest value token among those large holders.
There has been a dramatic shift in the market, and SHIB is now back on top. At this time, it stands as the largest token owned by the top Ethereum whales behind ETH, surpassing even popular stablecoins like USDT and USDC that have dominated rankings over recent months. Astonishingly these whales hold more than 50.5 trillion Shiba Inu worth around $708 million – accounting for 17.82% of their total value stored! This makes its presence felt far greater than both USDT and USDC at respective values of 17.35% and 14.46%.
How Will These Latest Developments Affect the Price of the Shiba?
Without a doubt, the newfound appeal of Shiba Inu to investors has placed it in an excellent position. Its value increased by more than 19% over last week and is still trading at its highest rate in three months despite some dips. Additionally, SHIB tops the list as the most traded token among 5K ETH whales within 24 hours, which creates an opportunity for further growth but also means that any drastic decrease in volume will lead to a price plunge.
Shiba Inu’s price is currently at $0.0000126, representing a 1.78% increase from its value over the past 24 hours. This mirrors the general market downturn that has occurred in anticipation of Fed Chair Jerome Powell’s speech. While this could trigger increased volatility in the market, it remains challenging to predict where prices will settle in the end.
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