Dec 2, 2022 at 04:55The meme coin Shiba Inu started to get attention from whales. And this is despite a 23.23% drop in the last month and a growth of only 0.23% in the last 24 hours. However, this was enough for SHIB to overtake its main rival Dogecoin.
Why are whales interested in Shiba Inu?
This isn’t the first time whales have shown interest in the coin. In June 2022, one market participant bought a $386B token despite its weak numbers. One possible reason for this interest could be because Shiba Inu is being actively integrated into metaverse and GameFi projects.
Another possibility has to do with the token’s growing social dominance. Santiment experts recorded a slow but steady upward price movement, which, in their opinion, indicates a bullish signal and points to continued growth.
According to CoinMarketCap at the time of writing, the token is trading at $0.000009268 with a market capitalization of $5.088B. The coin is ranked 14th in the top and behind Dogecoin, which is firmly entrenched in the top ten, but overall, cryptocurrency investors are more interested in Shiba Inu. The asset is now overtaking DOGE and is in the top 10 in popularity. And this, of course, is not without the participation of whales.
How much Shib do whales have?
One of the reasons whales are interested in SHIB is that a coin based on the Ethereum blockchain could become something more than just a meme token. Above, we talked about Shiba Inu’s introduction to meta-universe projects, and the amount of engagement is periodically growing. That’s why whales don’t pass up the opportunity to buy an asset, and they do so in large volumes.
The largest number of tokens is recorded on Burn Wallet, which burns all SHIB coins. Analysis shows that 12–15 wallets own more than 1% of the tokens owned by more than one million project holders. And Shiba Inu is most interesting for Ethereum whales. Here are their favorite coins.
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🐳 The top 2000 #ETH whales are hodling
$76,473,563 $SHIB
$49,447,360 #UnknownToken
$47,891,507 $UNI
$36,391,755 $BIT
$36,140,896 $BEST
$34,981,213 $LINK
$32,548,362 $LOCUS
$32,067,798 $MOCWhale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/As4G5xhzgr
— WhaleStats (tracking crypto whales) (@WhaleStats) December 2, 2022
The main advantage is that there is no monopoly by a particular whale among Shiba Inu holders, and the coins are distributed among everyone in roughly equal amounts. About 2–3% of tokens, but no more than 10%. Given the kind of money, investors invest, even if a token is worth $0.01, $0.1, or even $1, most of them will immediately become billionaires. Which makes the coin very valuable in the long run. We’ve reported before about how less popular tokens often make a lot more money than the majors.
How can I make money on this?
Whale interest may boost SHIB’s value, but that may not be enough. The token has fallen in price for too long due to the FTX collapse, and now it needs to firm up to a good level before rising.
Experts say the outlook for Shiba Inu can’t be called bullish for now, but that could change if the coin breaks through the $0.0000097 resistance area.
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