The crypto market has been in a terrible state for several months now. Meme tokens like Shiba Inu (SHIB) took the worst hit after the crypto crash.
Despite this, Ethereum (ETH) whales played on this crypto dip, and it seems that Shiba Inu (SHIB) turned out to be the top choice for giant ETH whales.
Suggested Reading | ‘Pharma Bro’ Martin Shkreli Traded Crypto Behind Bars – Here Are Some Reactions
ETH Whales on a SHIB buying spree
With Dogecoin or dog-themed meme coins gaining popularity in 2021, Shiba Inu has failed to scale or gain some traction this year.
SHIB, which is dubbed the most searched crypto of 2021 compared to BTC, has seen a dismal drop. The prices of the coin have lost 52% of its value, as seen over the past two months. ETH whales rallied in the market and traded despite turbulent conditions.
Check out the top 100 whales here: https://t.co/tgYTpOm5ws
– WhaleStats – BabyWhale ($BBW) (@WhaleStats) May 24, 2022
According to WhaleStats, SHIB has now outperformed the FTX (FTT) token in terms of average quantity held in the top 10 holdings with 467,912,829,017 compared to FTX’s 301,753.
Considering ETH whales have held the FTX token the longest, the shift has been staggering.
WhaleStats revealed that the top 100 ETH wallets currently hold around $543 million worth of SHIB. That said, SHIB’s holding has increased significantly to $259 million.
Remarkably, SHIB has plunged 6% in the past 24 hours, trading at $0.000012. SHIB’s recent price drop supports the ETH whale craze. SHIB has a market cap of $6.4 billion.
SHIB total market cap at $6.51 billion on the daily chart | Source: TradingView.com
Suggested Reading | Charlotte Fang of NFT Project Milady accused of racism and homophobia
Capitalizing on the Shiba Inu Metaverse Hype
SHIB welcomed Marcie Jastrow to the team to further their Metaverse dream.
Jastrow’s vast experience of over 20 years in the glitz and glamor of the entertainment industry for Technicolor and other brands can help SHIB achieve that premier immersive experience for its users.
Shiba Inu is the most searched crypto last year (Cointribune).
On March 8, WhaleStats also reported that SHIB’s holdings of $1.4 billion at the time exceeded FTT’s holdings of $1.36 billion. Top ETH whales hold up to $1.4 billion worth of SHIB.
Ethereum whales pivoted to a bullish stance on the hype of the Shiba Inu metaverse. The price of the coin has been consistently on the decline since its all-time high in October.
Featured image from Cointribune, chart from TradingView.com