Shiba Inu, a meme coin, is still one of the most popular cryptocurrency investments.
Despite having no utility, the coin has attracted millions of investors, both large and little, who keep pouring money into the digital asset. This has enabled it to maintain its market position despite recent market declines.
Exchange token had beaten meme currency to the top rank of Ethereum whale holdings two weeks ago. It maintained its position in the future, relegating Shiba Inu to second place.
However, since cryptocurrency prices have recovered and SHIB has seen a 40 percent increase in a single day, ETH whales have rapidly returned their focus to the investor favorite.
Shiba Inu is the Most Valuable Ethereum Whale
According to data from WhaleStats, the Shiba Inu has resurfaced as a whale favorite. Whales have continued to increase their holdings in the meme coin, according to a website that counts the top 1,000 Ethereum wallets by volume of ETH held.
Shiba Inu has climbed out of second place to reclaim the title of the most popularly owned token by Ethereum whales, surpassing FTX once more.
Shiba Inu had not only reclaimed the top rank, but the overall shares of the top 1,000 Ethereum whales had also increased.
The average amount of SHIB held by these whales is $1,713,619 at the moment. It amounts to an average of 54,607,575,181 SHIB in each wallet.
The FTX token, which is the second-largest holding among the wallets, continues to be a significant part of Ethereum whales’ holdings. On average, each wallet appears to possess 36,421 FTX, equating to $1,675,413.
The Majority of SHIB Holders are Making Money
The market crash, which saw the price of Shiba Inu drop to $0.00002, left holders of the asset in the red. By the end of January/beginning of February, the bulk of SHIB holders had lost their benefits.
The market, on the other hand, had begun to revive, and SHIB was swiftly developing alongside it.
Now, the pendulum has swung back in favor of Shiba Inu investors, and the vast majority are profiting once more. At current pricing, 52 percent of all SHIB holders, all of whom have held their tokens for less than a year, are presently profiting.
The number of holders who are currently losing money has reduced to 30%, with 18% in neutral territory, meaning they bought their coins around the current price.
SHIB has also seen chart success, breaking above $0.00003 for the first time. It’s still a long way from the digital asset’s all-time high, but it demonstrates that it’s holding its footing on the charts.
At the time of writing, SHIB was trading at $0.00003139, down 4.82 percent in the previous 24 hours.