AnalysisToken

Shiba Inu is the most popular cryptocurrency among the top 1,000 ETH wallets

Data demonstrates that ETH whales possess a disproportionately high amount of $SHIB, raising concerns about whale concentration.

According to whalestats.com, the most significant holding in the top 1,000 ETH wallets, excluding Ethereum, is the contentious meme token Shiba Inu.

Things have substantially cooled following a spectacular October run-up in which $SHIB gained almost 1,000 percent at its all-time high of $0.00008846.

The Shiba Inu price is currently declining, with $0.00004519 acting as support after three bounces off this price level since the top.

Despite displaying instances of “Dogecoin-killing” during October. For example, despite surpassing $DOGE in market capitalization and continuously higher 24-hour trading volume, $SHIB has yet to maintain this performance.

On top of its meme coin status, this has prompted others to wonder if the Shiba Inu is a one-hit-wonder doomed to fail in the long run. Regardless of this, data from whalestats.com suggests that ETH whales are unconcerned, at least for the time being.

What do ETH whales have in their possession?

Shiba Inu is the most important holding of the top 1,000 ETH wallets excluding Ethereum, according to whalestats.com, accounting for little over 20% of the total, or $2.4 billion.

All other holdings pale in comparison to $SHIB. The second-largest token is crypto.com’s CRO, accounting for 6% of total holdings at $645 million. CRO has been on a tear lately, rising 72 percent in the last week and reaching an all-time high of $0.59 today.

Bitpanda’s BEST token is in third place, with $593 million in total holdings, or 5% of total holdings.

Is it necessary to be afraid of Shiba Inu whales?

Further investigation of the top 100 Shiba Inu wallets reveals some intriguing statistics.

The top 100 wallets’ average $SHIB worth has increased by 43% to $119 million, although volume and net flow are dropping. In addition, the top 100 wallets own 25% of the overall supply, with only ten of them active.

Market manipulation is the threat of a high whale concentration. Liquidity — specifically, market depth and spreads — are frequently linked to sharp market fluctuations. Whales can temporarily drain liquidity and exacerbate market volatility by controlling a large number of tokens.

This is done for the advantage of the whales at the detriment of all other token holders.

Following the commencement of $SHIB’s recent slump, crypto investor Aaron Brown slammed Shiba Inu, accusing the project of missing sound underlying fundamentals. Non-whales should be cautious when there is a high whale concentration, he stressed.

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