Ethereum Whales Favor Shiba Inu Despite Price Dip
Shiba Inu: A Favorite Among Ethereum Whales
Data reveals that Shiba Inu (SHIB) continues to be a popular choice for Ethereum whales, with the top 1,000 ETH investors holding an average of over $619 million in SHIB. This positions SHIB as a significant investment vehicle among large crypto holders.
Whale Investment Trends
SHIB holdings among Ethereum whales represent about 10% of their altcoin portfolios. Despite the substantial SHIB investments, Ethereum whales hold even more in stablecoins like USDC and USDT, with average holdings exceeding $1.06 billion and $808 million, respectively. This trend highlights a strategic preference for stability in volatile markets.
Other Popular Holdings
Besides SHIB, Ethereum whales also invest in other notable cryptocurrencies, including Polygon (MATIC), Chainlink (LINK), and Uniswap's utility token (UNI). However, these combined investments still fall short compared to the collective SHIB holdings. This underscores SHIB's unique appeal within this investor group.
Shiba Inu's Recent Performance
Despite its popularity among crypto whales, SHIB's recent market performance has been challenging. The token's value has dropped over 11% in the past week, currently trading at $0.00001195. Trading volume reached $172 million in the last 24 hours, reflecting active market engagement despite the price decline.
Looking Ahead
In related developments, the Shiba Inu community, known as the SHIB army, will participate in the XR Experience Spotlights at the WAGMI Temple Hub premiere in Austin, Texas. This event may bolster SHIB's visibility and community engagement moving forward.
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