Shiba Inu has surged in popularity in recent months, drawing the attention of investors and cryptocurrency enthusiasts alike. As the cryptocurrency market continues to evolve, SHIB’s rise has caught the attention of those looking for the next big investment opportunity, as evidenced by Ethereum whales.
Despite the coin’s price decline in the past few months, data from WhaleStats shows that SHIB is the most popular cryptocurrency held among the top 100 Ethereum whales, at 12%, with a value of $601.2 million worth of SHIB.
🐳 The top 100 #ETH whales are hodling
Whale leaderboard 👇https://t.co/N5qqsCAH8j pic.twitter.com/ESbLhozSRo
— WhaleStats (tracking crypto whales) (@WhaleStats) March 5, 2023
Shiba Inu: The Most Coveted Cryptocurrency
Surprisingly, this number only accounts for around 10% of the altcoins owned by ETH whales, as most major investors now own more stablecoins. The top 1,000 ETH holders collectively have approximately $1.06 billion in USDC and $808 million in USDT.
SHIB’s price, which has been driven by bearishness, may be affected by reinvigorated investor interest following Shiba Inu’s breakthrough over the Ethereum whales.
For the past week, SHIB’s price performance has been poor, trading at $0.00001195, down nearly 11% in the previous week. SHIB was trading at $0.00001104, with only $172 million worth of Shiba Inu coins traded by crypto investors in the last 24 hours, data from crypto market tracker Coingecko shows.
Also, WhaleStat tracks the most traded currencies, largest token positions by dollar value, most used smart contracts, and most sold coins of big investors. While the award for most valuable cryptocurrency went to Shiba Inu, the USDC stablecoin was the clear winner everywhere else.
What The Popularity Of Shiba Inu Means
As the popularity of the Shiba Inu cryptocurrency continues to grow, experts are warning of potential risks and uncertainties associated with investing in the meme-based digital currency.
Despite its rapid rise in value, Shiba Inu remains a highly volatile and unregulated investment, with no clear underlying value or practical use case.
While some investors are attracted to the potential gains that come with early adoption of a new cryptocurrency, others warn that Shiba Inu’s popularity may be fueled by hype and speculation rather than any fundamental value.
SHIB total market cap at $6.5 billion on the daily chart | Chart: TradingView.com
Additionally, there are concerns about the security and reliability of the exchanges where Shiba Inu can be bought and sold, as well as the potential for market manipulation by large holders of the coin.
Despite these concerns, the growing interest in Shiba Inu and other cryptocurrencies underscores the increasing mainstream acceptance of digital assets as a legitimate investment class.
As with any investment, experts advise investors to proceed with caution, conducting thorough research and only investing what they can afford to lose.
-Featured image from Watcher Guru