Shiba Inu accounts for 16% of these whales’ holdings, making it the largest single asset held by them, excluding stablecoins.
The top 5,000 Ethereum whales collectively hold up to 52.03 trillion Shiba Inu (SHIB), currently valued at a whopping $733.1 million. At this value, SHIB accounts for 16% of the total holdings of these whales, making it the largest single asset held by them, with the exclusion of stablecoins.
Whale analytics resource Whale Stats recently highlighted the impressive feat through its official Twitter handle. The disclosure reveals that, with $733.1M worth of SHIB held, the asset is only behind USDT in terms of largest holdings for any single token, towering over USDC, MATIC, and DAI.
🐳 The top 5000 #ETH whales are hodling
Whale leaderboard 👇https://t.co/kOhHps8XBB pic.twitter.com/fmX5Q9SlSH
— WhaleStats (tracking crypto whales) (@WhaleStats) February 6, 2023
This metric demonstrates the growing interest in Shiba Inu among investors, who have been attracted to the asset due to its promising developments and the excitement surrounding Shibarium, a forthcoming layer-2 network.
A dive into the official Whale Stats website uncovers further remarkable achievements attained by the canine-themed asset. Shiba Inu’s smart contracts are the sixth most used by the largest 100 Ethereum whales, taking up a 3.69% market share. SHIB is also among the top 10 most traded assets by the top 100 whales, retaining a position in the top 10 for several consecutive days.
In terms of holdings, with the exemption of ETH, SHIB is the largest single asset held by the top 100 whales, as these whales hold up to 50.5 trillion SHIB valued at $713.09 million, representing 17.9% of their total holdings. Data reveals that they hold more SHIB than USDT (17.27%) and USDC (14.36%).
Most recently, as testament to a surge in investors’ interest, Shiba Inu flipped Wrapped Ethereum (WETH) to become the most traded token among the 1,000 biggest Ethereum whales.
Meanwhile, despite a 4.41% decline in the past 24 hours, SHIB has retained a 19% gain in the past week, the highest for any asset on the top 40 list of biggest tokens by valuation. As of press time, the asset is trading for $0.00001405, attempting to establish a comfortable position above the $0.000014 zone after recapturing it on Saturday for the first time since last August.
Seasoned analyst Ali Martinez had highlighted a wall at $0.000017 which would serve as fierce resistance for the asset. The wall was formed as a result of the massive purchase of 465 trillion SHIB at the price point.