Despite the increased volatility in the market, the second largest meme cryptocurrency, Shiba Inu (SHIB), has emerged as the favourite of the largest holders of Ethereum (ETH). However, in the last 30 days, the cost of a Shiba Inu has reduced by about 18 percent. The whales still haven’t released their SHIB tokens.
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This Shiba Inu flipped the Locus token.
Based on data from Whalestates, the Shiba Inu token is now held by more of the top 100 ETH whale wallets than the Locus Chain (LOCUS). The total value of Shiba Inu tokens held by the largest wallets is around $133 million.
On the other hand, the Whales’ numbers show that there’s a catch. The largest whales have an estimated $167 million worth of LOCUS tokens in their possession. While it was able to swap its largest holding of Shina Inu tokens for a position of strength. This portfolio is now worth only about $43 million, a significant reduction from its previous high.
In the meantime, the largest holders of Shiba Inu tokens (the “whales”) have maintained their positions. This indicates that the whales are positioned to profit from any future price appreciation of SHIB tokens.
To what end are whales still carrying SHIB?
It was previously claimed by Coingape that a whale had invested about 1.7 trillion Shiba Inu tokens in preparation for the game’s release. Huobi, a cryptocurrency exchange, is where this whale haul of $19.39 million came from.
There has been no upward trend in Shiba Inu prices since the release of the official CCG game. As opposed to that, the Shiba Eternity has over 10,000 downloads on the Google Play store.
Shiba Inu holders are continuing to participate in the token burn game despite the widespread pessimism in the cryptocurrency market. According to the numbers, the rate of shiba inu burns has increased by about 1960% in the last 24 hours. About 56.13 million SHIB coins have been transmitted by SHIB holders to a wallet that no longer exists.
SHIB prices haven’t increased in response to these developments, nevertheless. The average price of a Shiba Inu has decreased by 2% over the past 24 hours, and now stands at $0.000011.
Source: Google Trend