Whales keep holding more or less stable amount of Shiba Inu, despite recent price fluctuations
WhaleStats, a leading crypto wallet tracker, recently revealed that the total SHIB holdings of the 100 largest whales on the Ethereum chain have remained at roughly the same level for two weeks, despite recent price fluctuations.
Thus, SHIB seems to have in a way become a “stablecoin” for the owners of these wallets, which they keep holding no matter what happens on the market.
Shib: From ATH back to crypto winter in October
For the top 100 whales on Ethereum, the popular meme coin Shiba Inu is part of the top 10 assets held by them, and has been for the past year. It has so far dropped from the top 1-2 positions to the fifth position.
From time to time, it also emerges on the top 10 list of the most traded digital currencies of these whales.
However, they held much more SHIB coins than they do now. Last year, the cumulative amount of Shiba Inu stored by whales in their wallets reached one billion USD, sometimes more, sometimes less. Last year, at the end of October, the price of the coin reached an all-time high, climbing to the level of $0.00008845. SHIB and many other altcoins followed the leading crypto bitcoin here, which reached an all-time high of $69,000 in November 2021.
This year, the crypto market has been in a heavy decline stimulated by the well-known events that began in late February, spurred by the energy price crisis that followed.
Since then, whales’ interest in SHIB seems to have waned, as the amount of this meme coin they held began to shrink in the summer and then fell even further in the fall.
“Stablecoin” for whales or a coin held “just in case?”
In the summer, whales’ SHIB holdings began shrinking rigorously, first dropping below $1 million, then going under $500 million and finally passing below the $100 million mark.
In October, they fell below the $80 million level and remained “permanently” around $70 million. At press time, they have $74,511,078 worth of SHIB in their combined portfolio. Occasionally, whales add a few million USD to this MIME token, but sell them when market conditions become more favorable.
Currently, SHIB is changing hands at $0.000009248. On Oct. 29, it reached a peak of $0.00001241. However, in early November, the market was shaken by the FTX collapse and Bitcoin began plunging, pulling the altcoins down with it. This made Shiba Inu “add” another zero to its price as it fell deeper.
What can SHIB bring us in the future
The Shiba Inu development team is currently busy working on two major projects: the SHIB Metaverse and the highly anticipated Layer 2 protocol, Shiberium.
The release date for both has not been set yet. However, SHIB devs and The Third Floor studio that is working on SHIB’s metaverse have recently shown the public art concepts of several new hubs (pieces of virtual land).
For Shiberium, SHIB’s lead developer Shiotoshi Kusama keeps telling the community that it will be ready “soon”, without revealing any specific or expected release dates.
Last month, he posted a puzzling tweet, in which he stated that the “initial design has been approved” and now he can “double down.” Many in the comment thread thought he was hinting at a progress on Shibarium.
