Shiba Inu (SHIB) Largely Held by Whale Class for This Reason: Details

According to WhaleStats data, Shiba Inu remains a largely held asset for various categories of whales. According to the crypto data tracker, Shiba Inu flipped another token to rank as the biggest holding in dollars for the top 100 ETH whales, a position which it continues to hold at press time.

📰 JUST IN: $SHIB @Shibtoken has flipped $LOCUS for biggest holding by dollars among top 100 #ETH whales

Check the top 100 whales here: https://t.co/N5qqsCShZR

(and hodl $BBW to see data for the top 5000!)#SHIB #LOCUS #whalestats #babywhale #BBW pic.twitter.com/vCTwutpUpo

— WhaleStats (tracking crypto whales) (@WhaleStats) October 10, 2022

The story was the same for the top 1,000 ETH whales who had SHIB as their biggest holding, which was worth $137,540,787 of SHIB. For the top 5,000 whales, SHIB was likewise their biggest holding. This whale class also held a significant amount of SHIB.

Why are whales interested in SHIB?

The reason for SHIB’s being largely held by whales might be due to its cheap valuation compared to major cryptocurrencies, specifically those in the top 20. At the time of publication, SHIB was changing hands at $0.0000108, down 1.65% in the last 24 hours. Shiba Inu ranks as the 14th largest cryptocurrency with a market capitalization of $5.97 billion.

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As reported by U.Today, shortly after the worldwide release of Shiba Eternity, Shiba Inu set a new record in its holder count. At the time of publication, the SHIB holder count was at 1,221,841, per WhaleStats data. While the number of holders may not have an immediate impact on the price, it might reflect long-term interest in a token.

Per IntoTheBlock data, 32% of Shiba Inu holders are “hodling” based on long-term motives. Sixty-four percent of holders are in it for the midterm, while barely 3% are short-term spectators.

Another reason might be positive expectations regarding SHIB projects. The Shiba Eternity game launched worldwide in the past week and gained traction shortly after launch to rank at the top of the App Store.

Shiba Inu also keeps unveiling new concepts for its metaverse project. In the last 24 hours, Shiba Inu’s large transaction, which acts as a proxy for whales’ action, rose 145%.

However, the price of SHIB has underperformed this year owing to bearish market conditions. At the current price, SHIB remains down 87% from its all-time high of $0.000086, set in October 2021.