Shiba Inu (SHIB) continues to appear on whales’ radar; Such interest becoming suspicious
According to Crypto Statistics Portal WhalesStatsShiba Inu (SHIB) has overtaken Silverway Token (SLV) as the largest holding among the top 500 Ethereum whales.
SHIB remains the largest asset held by whales besides ETH itself. The average position size of the Shiba Inu token is 495.2 billion SHIB or $5.5 million among the top 100 ETH holders. Even though the size of their SHIB position is 53 times smaller than their ETH position, it is still more than their holding of USDC Stablecoin, which is almost $2 million.
Overall, SHIB represents 23.33% or $544.9 million of the Ethereum whale wallet, not including ETH itself. Such an estimate means that approximately 49.5 trillion SHIB is concentrated in the balance of large ETH wallets, which is equivalent to 9% of the circulating token supply.
What motivates whales to buy SHIB?
It is now safe to say that a large number of people are interested in buying SHIB. So many that the number of addresses holding the token recently surpassed the 1.2 million mark.
It’s impossible to fully understand what may be inducing large players to accumulate large Shiba Inu positions, but, assuming the token has been actively accepted as a form of payment lately, two options loom. Either the big bucks buy SHIB in the hope that the price of the token will rise significantly due to its rapid spread, or they are lured in by the possibility of paying for luxury clothes, yachts and country houses using SHIB.
