Ethereum (ETH) whales have always been among the top Shiba Inu (SHIB) supporters. The whales had collectively increased their SHIB holdings to over $1 billion. Basically, these top 100 ETH wallets are bullish on the Shiba Inu, but that seems to be about to change. Recently, it was stated that the assets of these whales fell below 1 billion dollars. It looks like this trend will continue. As Kriptokoin.com, we are transferring the details.
SHiB lagged behind in the race with FTX Token
Two weeks ago, it was reported that top Ethereum whales Shiba Inu tokens have been declining for some time. It had reached a critical point when the value dropped below $1 billion for the first time in months. This raises questions about what the whales are doing with the meme coin SHIB and why they are seemingly reducing their holdings. The weeks that followed had proven that this sentiment was indeed true, and that the SHIB holdings of these major wallets were actually on the decline. Currently, SHIB tokens now only account for 10.75 percent of all token holdings of the top 10 Ethereum whales. This means that SHIB accounts for 15.23 percent of token holdings, down almost 5 percent from what was reported in early May.
This figure is even more depressing in dollar terms. Two weeks ago, whale assets were trending around $875.8 million. Today, that number has dropped to $543.7 million. What this shows is that since the beginning of May, Ethereum whale holdings have decreased by almost 50 percent. SHIB also lost its position as the largest token by dollar value among the top 100 ETH whales. This title is now owned by FTX Token, which is competing with the meme coin for dominance among the top ETH wallets.
Shiba Inu Investors Take a Shot
Now, when the market crash first started, cryptocurrencies like the Shiba Inu held up pretty well, even if they suffered some losses. However, this will prove not to be for very long as they will soon begin to decline by a wider margin. In the first quarter of 2022, the majority of SHIB owners found themselves staying in profit. As the second quarter draws to a close, it seems that most meme coin investors are now dealing with losses.
Data from IntoTheBlock shows that only 24 percent of all Shiba Inu traders are currently making profits. The larger group of investors, about 73 percent, is at a loss. Most of the profits are those who have held the Shiba Inu for a year or more, and the shorter term investors account for the majority of the losses.
