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

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.

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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.

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Featured image from Watcher Guru, chart from TradingView.com