According to WhaleStats., Shiba Inu has been the most popular token among whales this year. The currency has stayed its course during both local bull and bear cycles on the cryptocurrency market.
With the current bloodbath, the SHIB might have been expected to fall in price. But on the contrary, it leveled up. And is still demonstrating one of the strongest positions in whale-level addresses
Why Has Shiba Inu Been so Famous?
Coins like Shiba Inu are pretty attractive to investors as they offer opportunities for fast gains. However, it is essential to note that one could also lose their money in a similar fashion—fast.
“Memes have value and have been an investible thesis in 2021. Lower dollar-price tokens are attractive to retail.”, head of institutional sales at crypto-derivatives exchange FTX, Jonathan Cheesman, said of Shiba Inu’s rise
And with rumors that Shiba Inu may soon be added to Robinhood circulating, more investors are buying the SHIB so that they could cash in on the first-day frenzy.
More than 500,000 people have signed a petition on change.org requesting Robinhood to list Shiba Inu on its platform. And while Robinhood has not made a solid move, its CEO Vladimir Tenev said the forum would “carefully evaluate whether we can add new coins in a way that’s safe for customers and in line with regulatory requirements.”
He added: “We feel very, very good about the coins that we’re currently listing on our platform. And for any new coins that we add, we want to feel equally, if not more good.”
It doesn’t take much to move a meme coin’s market. At some point, its price shot up just because Elon Musk tweeted a picture of his puppy. Hence, it is attractive for the fast gainers.
Musk, however, revealed that he doesn’t own any Shiba Inu Coin but has Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Whale Wallet Holdings
According to data from Whale Stats, on the total number of whales held in the 1000 largest Ethereum wallets, Shiba Inu remains the favorite of the whales, with over $ 2 billion in tokens currently held. This makes it the most significant ERC-20 token holdings of Ethereum whales.
While the USD value of the holding remains the same, the percentage (or dominance) among whales has declined dramatically. As of press, the holdings of Shiba Inu were at 8% dominance.
Market Performance
Unfortunately for its investors, Shiba Inu did not become a haven and lost around 15% of its value. Compared to the market in general, the SHIB token was in the middle of ranking the biggest losers, with tokens and coins like Doge, Ethereum, and Avax.
After a substantial correction, Shiba Inu now remains at a total loss of 66% from its last peak. Earlier this week, a rapid and unexpected rally started in the market, which led to a short-term pump of 40% of the token price.
As of press, the SHIBA INU USD token is trading at $ 0.000035, down by -4.7%