Started as a joke, the Shiba Inu soon made it into the top 10 cryptocurrencies list, outperforming its top priest, DOGE. Ethereum whales are constantly increasing their SHIB investments to make a decent profit when this altcoin hits new highs.
Why do Ethereum whales prefer SHIB?
Although the Shiba Inu has not made much progress this year, its historical data should not be ignored. In 2021, this altcoin showed a huge increase of 45 million percent. According to experts, the increased trust in the Shiba Inu ecosystem can also be considered as a reason why SHIB is part of the long-term investment. The bulk purchase of Shiba Inu tokens by Ethereum whales is seen as evidence of increased trust in the Shiba Inu ecosystem. By launching a layer-2 scaling solution this year, SHIB has also entered the world of the metaverse.
For a long time, Ethereum whales have been interested in Shiba Inu investment. Last December, an ETH whale bought 4 trillion SHIB tokens in a single transaction worth $134 million. According to WhaleStats, which closely monitors the 1,000 richest ETH whales, SHIB is seen as the most traded and largest altcoin among the top 1,000 ETH wallets. Also during the intense phase of the Russia-Ukraine war, crypto whales were seen transferring their funds to SHIB.
What challenges does SHIB face? As
Cryptokoin.com, as we have previously reported, the position of being the most popular altcoin among Ethereum whales owned by Shiba Inu has been captured by FTX. It has risen to the top of the list with the largest number of tokens held by Ethereum whales. With 10,000 to 1 million ETH in their balance, these whale addresses have diversified their portfolios towards other altcoin projects.
SHIB, which made a name for itself last year, entered the list of top 10 holdings and soon became the favorite of these investors. The altcoin is backed by a strong community for its ecosystem and has 43 million more views than Bitcoin in 2021. According to experts, for the Shiba Inu to rise again and reach all-time highs, this community needs to be backed by their bulls.
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