The stint of Ethereum whales and SHIB is not as impressive as many could expect. The best meme coin of 2021 is still losing value in 2022, which is correlative to the ongoing dip. The coin has lost almost 50% of its value from the beginning of the year. Shiba Inu (SHIB) prices dropped about 15% in the past week. Compared to Monday, the percentage of SHIB held by Ethereum whales in their comprised portfolio has dropped by 0.02%. Now the top 100 Ethereum whales hold SHIB worth slightly under $1B.
However, these whales are still having faith in the SHIB. The coin has consistently maintained a great position being the favorite crypto of the largest wallets. It remains the largest holding of the top 100 Ethereum whales in USD. Recently one of the whales bagged over 300B SHIB in a trade.
These whales could be investing so heavily in the coin, considering that it has an active development team eying the metaverse and other latest innovations.
Although the coin has shrunk in value, it still stands as the top coin among the ETH whales. The question is, what do these whales see in this meme coin?
SHIB holdings of Ethereum whales shrink
SHIB still stands as the top-ranking coin among Ethereum whales even after shrinking in value by almost 75% from its All-Time High (ATH) price recorded last year. The value of the holdings of Ethereum whales has fallen to slightly under $1B as the dip continues to bite hard on the crypto space.
Last week, the value of the SHIB holdings among these entities was ranging between $1.2B and $1.4B but had been decreasing gradually over time. The decrease in the price of the asset is caused by the sell-off of its holders witnessed throughout the week.
The whales have also been exiting their market positions. Their portfolio has fallen from holding 16. 74% of the total SHIB supply of Feb. 2022 to about 15.32% as of May 2, 2022.
Whales still believing in the ‘best’ meme coin
Although it is not yet official, SHIB seems to be defying the name meme coin. It has an active team that is coming up with great developments, including a metaverse. The team also has an exchange, ShibaSwap, which uses LEASH as its governance token. It also has other projects like a P2E game, Shibaswap v2, ShibaNET, and SHI stablecoin that will all come in the future.
These developments and projects are attracting new investors and maintaining old ones like the whales. Whales are known to invest in the best projects using large amounts of money.
The investor, colloquially known as “BlueWhale0073,” scooped the lot worth slightly over $6.1M. This whale is ranked 257 on Whalestats, which shows that these investors could still believe in Shiba due to its long-term plans.
How does the future look for SHIB?
SHIB made history in 2021 after giving some of the largest ROIs ever seen in the crypto space. An investor who put in about $2 could even have become a millionaire at some time of the year. However, since November 2021, things have not been good for the crypto space, including SHIB. The coin has been heavily affected by the dip, and now it trades at 75.8% below its ATH.
SHIB YTD graph coinmarketcap
However, the coin is still looking good for the future as large investors have been bagging it. This year it has been accepted in different enterprises for payments. Its long-term plans also look good, but it is advisable to DYOR before investing in any crypto project as they are risky.