Shiba Inu is no longer the biggest holding among Ethereum whales, but it may not be for long
Shiba Inu, which has previously shown strong performance in the market, has now lost its lead as the largest USD-valued asset in the market to another token, which has captured that position for an entire month, according to WhaleStats.
According to the whale tracker, the biggest USD holding among Ethereum whales is no longer after the SHIB token. The new leader, FTX token, was always breathing down the back of the memetoken and overtook it as the purchasing power of Shiba Inu decreased.
At press time, $1.14 billion of FTX is held by the top 100 ETH whales in the market, while Shiba Inu trails with $1.12 billion. But despite losing the title of largest USD-valued holding, Shiba Inu could quickly rebound in its place if prices rise or whales gain additional purchasing power.
According to TradingView, the price of the token tumbled by almost 11% in recent days, which may be the main reason behind the drop in USD value as no major selling activity was noticed on the market.
Previously, U.Today explained why whales are constantly buying huge volumes of Shiba Inu tokens. The main reasons were the desire to take control of the supply circulating in the market and drive the price of the token even higher.
The second reason was the huge discount of Shiba Inu tokens on the market compared to the ATH, which creates a relatively good Risk/Reward ratio for investors specializing in “memetokens” or high-volatility assets.
At press time, Shiba Inu is trading at $0.000024 and could topple the FTX token in the event of a slight price increase of 2-3% over the next 24 hours. In addition to a price hike, the regular purchase of around 50 billion SHIB will also put it back in the top spot.
