Shiba Inu had been the largest token holding among Ethereum whales for the longest time. These whales had held their tokens for longer and when the price of the token had surged, so had the dollar value of their holdings. However, the digital asset has seen its position among the whales challenged at every turn. At first, it was the FTX Token, but much later came another meme coin ShibDoge, but Shiba Inu is flexing its dominance once more.
Taking Over The Top
The top 100 Ethereum whales hold billions of dollars worth of cryptocurrencies among them. The largest of these has always been Ethereum, but there are others who have occupied quite large positions in their portfolio. Shiba Inu which is arguably one of the winners of 2021 has been dominating the top spot for the largest token position by dollar value among the top 10 ETH whales.
Related Reading | Vitalik Buterin Claps Back At The ‘Ethereum Is A Security’ Argument
This position had then been challenged by ShidDoge, a meme coin that combined the success of both Shiba Inu and Dogecoin to make their own token. Over the last several weeks, the value of the token had grown, and as such, the dollar value of the whale holding had grown.
SHIB trending at $0.00001 | Source: SHIBUSD on TradingView.com
The meme coin had grown so much that at one point, it had successfully dethroned SHIB as the largest token position by dollar holding. However, it was a short-lived victory as Shiba Inu had quickly overtaken it. Currently, the value of SHIB held by the top 100 Ethereum whales is sitting at more than $560 million, accounting for 19.12% of their total holdings.
This figure puts it ahead of other favorites such as USDT which at $416.4 million is the second-largest token holding, making up 14.21%. Surprisingly, ShibDoge no longer appears in the top 10 holdings by dollar value due to its price plummeting at the start of July.
Shiba Inu Investors Suffer Losses
Even though the Ethereum whales are still holding on to their Shiba Inu holdings, it still has not helped the price of the cryptocurrency. SHIB, just like every other cryptocurrency in the space, had seen a massive dip in its price last month and has had a hard time regaining even a fraction of the value it lost. The result of this has been massive losses among holders of the token.
Related Reading | Fundraising In A Bear Market: How This Web3 Startup Got $5 Million
Data from IntoTheBlock shows that the vast majority of SHIB investors are nursing losses currently. With only 24% of all investors in the profit territory, it has now become one of the worst performing cryptocurrencies during the bear market.
A whopping 72% of all investors are in loss, most of which are investors who have held their tokens for between 1-12 months. The investors who are seeing any gains are those who have held their tokens for longer than a year. While 5% is shown to be in the neutral territory, presumably investors that purchased their tokens during the bear market.
Featured image from NewsBTC, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments