It’s raining Shiba Inu tokens among the top 5,000 Ethereum whale wallet addresses. According to a recent report from WhaleStats, Shiba Inu is the second-largest holding among the top ETH-rich list as of February 2023.
A run-down of the top 5,000 whale wallet addresses shows that whales hold 50,905,707,716,073 SHIB tokens worth $735,034,573. (That’s 50.9 trillion Shiba Inu tokens worth $735 million).
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SHIB is only behind stablecoin Tether (USDT), which commands 17.28% of the overall holdings worth $993 million. On the other hand, Shiba Inu isn’t too far with 16% of the overall whale holdings. The whales include leading cryptocurrency exchanges such as Binance, Coinbase, Robinhood, and WazirX, among others. You can read more details about it here.
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Shiba Inu & The Rise of Whales
Whales started taking entry position in the dog-themed token in June 2021 after it rallied during Q1 and Q2 of the same year. Since then, multiple whales such as Gimli, and BlueWhale0073, among others accumulated millions and billions of tokens. Despite a price dip in 2022, whales steadily picked up the token and accumulated furthermore.
Gimli and BlueWhale0073 were making the news in 2021 for purchasing SHIB almost every week for close to three months. SHIB is arguably the only token that the whales picked up since 2021 at every dip and price rise. In 2023 alone, whales have been purchasing and transferring the token almost every week. You can read more details about the development here.
The development suggests that whales believe SHIB can deliver the desired results in the long run and turn their millions into billions.
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At press time, Shiba Inu was trading at $0.00001397 and is down 3.6% in the 24-hour day trade. SHIB is down 83.8% from its all-time high of $0.00008616 which it reached in October 2021.