Ethereum Whales double down on Shiba Inu buying despite the crypto winter encouraged by discounted prices and the Impressive growth of the Shiba Inu ecosystem driving up demand.
The $0.000013 and $0.000017 ranges remain key resistance areas for the SHIB community.
Despite the ongoing crypto winter significantly pummelling cryptocurrency prices, Ethereum whales seem not to be feeling all that cold and continue to double down on Shiba Inu.
According to the latest data from WhaleStats, the top 5000 ETH whales are currently holding SHIB with a combined value of $139,721,341 while the top 100 ETH whales hold SHIB with a combined value of $138,166,023 -a stark revelation that the world’s second-largest meme cryptocurrency is the most preferred alternative investment for ETH whales in its category.
🐳 The top 5000 #ETH whales are hodling
— WhaleStats (tracking crypto whales) (@WhaleStats) September 28, 2022
Despite the impressive value of their holdings, these whales have significantly reduced the size of their SHIB in the past 30 or so days. For instance, on August 22, the top 5000ETH whales held SHIB worth $159,673,102 while the top 100ETH whales held $151,728,733 worth of the meme coin as of August 30. This reduction came in the wake of the token’s price plummeting by over 31 percent following a relief rally triggered by the price breaking above the $0.000013 psychological region.
Comparing SHIB to its main rival Dogecoin, as well as other cryptos like Solana, Cardano, Ethereum, and Bitcoin, SHIB is still the largest loser in the category, shedding around 87 percent since tapping its all-time high. However, apart from an attractive ecosystem growth, these discounted values seem to have stoked ETH whales who have started buying up the token again.
This week, ETH whale activity revolving around SHIB saw an uptick with WhaleStat reporting that SHIB flipped BAT to become the most traded token among the top 100ETH whales on Wednesday. On the same day, the website tracked an ETH whale called “Gallion” who bought Approximately 270,772,472,924 SHIB.
Moreover, the number of SHIB holders has been growing at an impressive rate. In the past month, 105,374 new HODlers have been added bringing the total number to 2,185,362 according to data from CryptoEye.
Technically, although the SHIB chart remains bleak, the continued purchase by whales could push the price above $0.000013 before sending the cryptocurrency towards its august high of $0.000017. A break above that area could easily set up SHIB for a mega bull run towards $0.000034.
Shiba Inu is a meme token that began as a fun currency and has now transformed into a decentralized ecosystem. The cryptocurrency ranks 14th among the largest cryptocurrencies by market capitalization and is the fourth largest cryptocurrency held by ETH whales behind ETH itself, stETH, and stablecoins.
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