Shiba Inu Now The Largest ETH Whales’ Holding Despite Crypto Market Turmoil

Christian Encila

Last Updated: June 11, 2024 6:56 am

2 mins read

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Shiba Inu is currently the second-largest crypto asset held among the top 100 Ethereum whales behind USDC, according to statistics from WhaleStats, although Ethereum (ETH) maintains the top rank.

The most recent data from WhaleStats reveals the investment patterns of the top 100 non-exchange Ethereum addresses by wealth. The top 100 whales are essentially wallets with an average worth of $14 million.

Tuesday’s market price for Shiba Inu is $0.00000827, up 3.7% over the last seven days, statistics provided by Coingecko shows.

According to the blockchain data tracker, the top 100 Ethereum whales currently have SHIB worth $423,180,380, or 15.55 percent of their total holdings. In contrast, Circle’s USDC Stablecoin accounts for 18.08 percent, or $491,815,224 value.

In addition, WhaleStats reveals that the average SHIB holdings are 463.5 billion tokens worth $3,678,366. This makes the dog-themed token the largest altcoin holding among Ethereum whales, excluding ETH and two stablecoins.

Shiba Inu Yet To Show Strong Recovery

The whales also favor holding the FTX token, Polygon’s MATIC, Chainlink’s LINK, and Decentraland’s MANA, among others.

Nevertheless, despite strong demand, SHIB has shown no signs of improvement in over two months. Since mid-April, the meme coin’s value has decreased by 70.72 percent, representing a 70.72 percent loss.

SHIB total market cap at $4.8 billion on the daily chart | Source: TradingView.com

Whale wallets are also interested in FTX Token (FTT), the native asset of the well-known FTX cryptocurrency exchange, with an average supply of 140,651 tokens worth $3,241,465 in circulation.

This investment group has an average of $1,744,056 worth of Bitpanda Ecosystem Token (BEST), placing it sixth among the top 100 ETH wallets.

How Long Do Holders Keep Their SHIB?

The following coin is CHSB, the native token of the cryptocurrency wealth management platform SwissBorg. The average number of tokens held by whales is above 6 million, with a total value of $1,103,965.

WhaleStats also shows that wealthy Ethereum investors are purchasing the crypto exchange MXC for $1.1 million, and rounding out the top 10 is the 3D virtual reality environment Decentraland (MANA) for $818,038 and 1,057,781 tokens.

Meanwhile, according to IntoTheBlock’s holders’ composition by time held, 21% of SHIB holders have kept their tokens for more than a year, 76% have held within a year, and 3% have held for less than 30 days.

As the population of Shiba Inu continues to increase, the midterm holders have also been dispersed.

Featured image from Watcher Guru, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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