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Shiba inu has gained a lot of ground in the last week, as its price continues to advance at double figures. With this new impetus came the renewed interest of investors and ethereum whales in particular profit from the growth of shib during this period.
This new dynamic has rekindled investor interest and Ethereum whales are benefitting from the growth of SHIB over this period.
Ethereum Whale Boostshiba Inu To Top Holding. Over that period, the top 5,000 ethereal whales, which collectively held more than $1 billion shib at one time, would drastically reduce their stocks. Thus, Shiba Inu's position as the most important symbolic holder according to the dollar value of these major investors has been wiped out over time.
However, there was a turn in the tide and shib stood up one more time to regain his place. At the time of this writing, the meme coin is now the largest token position by the top 5,000 Ethereum whales behind ETH, beating out the likes of USDT and USDC that have dominated the list over the last couple of months.
SHIB is largest token holding behind ETH among top 5,000 Ethereum whales | Source: WhaleStatsSHIB is the biggest chip held behind the EPF among the 5000 Ethereum whales | Source: WhaleStats. At present, these whales hold more than 50.5 trillion shib worth about $708.4 million, or 17.82% of their total value.
It thus surpasses the USDT and the USDC, which respectively account for 17.35% and 14.46% of the whale's stocks.
There is no doubt that this revival of investor interest has placed shiba inu in a very good position on the market. In the past seven days, the price of the token has increased by over 19%, and despite multiple declines, the price of shib is trading at a three-month high.
Institutional investors are putting a lot of money into technology. This puts the meme coin in a unique position to benefit from the increased volume but it also means that if there were to be a sharp drop in this volume, that would hurt the price.
The current price of shib is $0.00001,403, down 2.74% from the previous 24 hours. This is in response to the general market downturn that preceded the speech by Fed President Jerome Powell. That could trigger market volatility.
SHIB price trading at three-month highs | Source: SHIBUSD on TradingView.com
