Shiba Inu returns to the top despite losing its place recently
U.Today previously covered the unexpected fall of Shiba Inu among the top three whale farms on Ethereum, but according to the most recent data, the king is back in the top spot with nearly $1 billion held by whales.
Second place is one again held by the long-time rival FTX token, with approximately $880 million FTT held by the biggest Ethereum addresses. A total of $990 million SHIB is concentrated in the hands of the 100 biggest Ethereum wallets, which shows remaining interest in the memetoken.
Previously, Shiba Inu hadn’t even made it to the top five of the largest US dollar holdings in the market, according to WhaleStats. The other tokens at the top are either wrapped versions of cryptocurrencies like Bitcoin or stable assets like USDT and USDC.
According to the holdings distribution on the market, whales are still in fear since the third and fourth biggest holdings are stable solutions. Compared to last summer, whales are more actively de-risking their portfolios.
Much of the Bitcoin on whale addresses should also be considered part of a risk reduction strategy, as the first cryptocurrency is less volatile than assets with a relatively smaller capitalization.
Shiba Inu market capitalization
Unfortunately for all SHIB holders, the memetoken is not showing any signs of reversal and is still moving in the rangebound since the beginning of February, showing a lack of retail interest, which is the main fuel for any rally on the cryptocurrency market.
As more whales now hold Shiba Inu, the community around the token hopes to see a more explosive bullrun each time retail funds return to the cryptocurrency market.
