The cryptocurrency industry has experienced some of the most devastating falls in 2022. From the Terra empire’s demise in May to the recent demise of the FTX empire, those that were perceived by the outside world as being robust fell in a matter of days.
As the CPI numbers were released, the cryptocurrency market, which was slumping, switched directions. Most coins, including meme coins, have started trading in the red. Whales have always shown a keen interest in SHIB. Whale analysts at WhaleStats shared recent data about the top 5,000 ETH whales and their holdings. Guess what? Shiba Inu stands at the top.
Top 5,000 ETH Whales hold $70.5 million Shiba Inu
As per the details from WhaleStats, the top 5,000 ETH whales hold a combined $70.5 million worth of Shiba Inu. Shiba Inu is trading at $0.000009078 at press time with a 2.59% spike in the last 24 hours. As per the calculation with the current price, $70.5 million is almost 7.69 trillion SHIB.
It is quite unclear why the whales are accumulating trillions in SHIB. However, the whales are definitely capitalizing on the short-term volatility of the meme coin. Apart from SHIB, the whales also hold $44 million worth of UNI and $36 million worth of BIT.
After the release of CPI numbers, which revealed a cooldown of inflation, the 24-hour trading volume of SHIB also spiked by 18.6%.