Shiba Inu: Still a Whale Favorite? Or is there more to it?

Paigambar Mohan Raj
Source: Green Matters

Shiba Inu has been a favorite among Ethereum (ETH) whales for some time now. Even with the recent bloodbath that has sent shockwaves through the crypto market, Ethereum whales continue to hold on to their SHIB tokens. However, there is more to this than meets the eye.

According to the data available on Whalestats, Shiba Inu (SHIB) still makes up a sizeable chunk of holdings, at 9.98%, among the top 100 whales, behind only USDC, USDT, and FTX. This suggests that a large number of whales have moved their assets to stablecoins (USDC, USDT), but have continued to hold their SHIB positions.

Source: Whalestats

Although this lends confidence to Shiba Inu, digging a little deeper, one finds that SHIB holdings have also lost ground among the whales. SHIB had previously accounted for nearly 13% of the total holdings, indicating a 3% drop.

Additionally, the average SHIB balance hasn’t gone up by much (0.433%), but the net flow has increased by a whopping 256.32%, and the volume by 214.15%.

Source: Whalestats

One reason why many whales are holding on to their SHIB tokens can be attributed to the Shibarium launch. Shiba Inu is on the verge of launching their L2 blockchain, which could lead to a pump.

Moreover, whales love to have control. They currently hold the reins to a lot of SHIB action, which they most probably don’t want to let go of. With Shiba Inu prices being as low as they are, whales have a great opportunity to get their hands on as many tokens as possible, leading to more control of the token.

SHIB took a heavy beating in the recent crash, along with every other crypto project. At press time SHIB was trading at $0.00000783, down by 6.7% in the last 24 hours, and down by 27.4% in the last 7 days. Shiba Inu is also 90.8% down from its all-time high of $0.00008616, which it attained in October of 2021, almost 8 months ago.