Shiba Inu has emerged as the top altcoin held by the top 100 Ethereum whales at 12%
Shiba Inu has emerged as the leading cryptocurrency with a market cap of $601.2 million and a 12% holding among the top 100 Ethereum whales.
Without stablecoins USDC and USDT, which have 16% and 14% shares among Ethereum whales, respectively, SHIB holds the top position.
Top Ethereum whale holding | Source: WhaleStats
The most recent development follows information provided by WhaleStats on March 3 that showed SHIB had traded Chainlink (LINK) more frequently than any other whale among the top 100 Ethereum holders.
Other top cryptocurrencies held by ETH whales include Bitpanda Ecosystem Token (BEST), which is worth $155.9 million; Polygon (MATIC), which is worth $150.2 million, SwissBorg (CHSB), which is worth $131.7 million, Chainlink, which is worth $130.9 million, Uniswap (UNI), which is worth $72.7 million, Locus Chain, which is worth $70.1 million, and Decentraland (MANA), which is worth $63.3 million.
Shiba Inu’s ability to triumph over Ethereum’s whales may have rekindled investor interest, which could have an effect on SHIB’s price, which has been heavily influenced by bearishness.
The meme currency is in a unique position right now, with the opportunity to benefit from the increased trading volume. It also means that any sudden drop in volume might be bad for the coin’s price.
The breakthrough also enhances other Shiba Inu on-chain initiatives, particularly the imminent release of Shibarium, a layer-2 scaling solution that the Shiba Inu community looks forward to. Shibarium awaits the network improvements it will bring, even though there isn’t an official release date yet.
By press time, SHIB was trading at $0.000011, with daily losses of almost 1%. On the weekly chart, Shiba Inu is down about 10%.
SHIB/USD 4-hour chart | Source: TradingView
On TradingView, SHIB’s technical analysis is primarily bearish. The one-day gauges’ summary is aligned with “sell” at 12. Moving average websites advise a “strong sell” stance at 11. Oscillators should be bought at 3.
SHIB technical analysis | Source: TradingView
In the meantime, machine learning algorithms at CoinCodex suggest that SHIB is expected to encounter pessimistic sentiments toward the end of the year in terms of price projection. On December 30, 2023, SHIB may trade at $0.00000361, according to the estimate.
SHIB still lacks substantial use cases. Hence the success of network development and acceptance is crucial to the token’s future. The mood of the market as a whole will influence SHIB. SHIB also can recapture prior highs that brought in a fresh batch of crypto billionaires, according to historical price fluctuations.
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