As The Value Falls Under $1 Billion Ethereum Whales May Well Be Bearish On Shiba Inu

BlueWhale0073, an Ethereum whale, recently purchased another 300 billion tokens. This occurred as the meme coin’s price dropped, prompting investors to worry. SHIB worth $6.1 million was purchased in total.

BlueWhale0073 has added another 143 billion SHI tokens to their holdings this time, bringing their total to $3.2 million.

This whale would not be the only one seeking to profit from the low prices, as another whale known as Bombur did the same thing when he added over $1 million in SHIB tokens to his portfolio. The meme coin, which is now priced at $0.00002, is still the largest token held by the top 100 Ethereum whales.

Although Ethereum whales are undoubtedly among the strongest supporters of Shiba Inu, it appears that even the whales are feeling the heat of the decline. As a result, the biggest whales have reduced their holdings in digital assets dramatically. These whales still own a significant amount of the meme coin supply, but with prices continuing to fall as the crypto market recovers, it appears the whales are betting less on meme currencies.

Decrease In Ethereum Whale Ownership

Shiba Inu’s Ethereum balances have been above $1 billion for a long time. According to WhaleStats, these are the top 100 Ethereum whales, whales who have always been bullish on the meme coin and have made it clear with their accumulation tendencies. However, this period of extremely bullish feeling among these whales appears to be coming to an end, as they have begun to reduce their digital asset holdings.

At the time of writing, their total balances had plummeted to $982,324,880. This isn’t to say that the meme coin has sunk to the bottom of the token leaderboard. Shiba Inu is still, by a significant margin, the Ethereum whales’ greatest token holdings. It presently accounts for 15.23% of the top 100 whales’ total holdings, with FTX Token in second place with a total of 13.58 percent and a dollar value of $875,821,321.

This means that some of these whales are getting rid of their tokens. The entire dollar worth of their SHIB holdings fluctuated between $1.2 billion and $1.4 billion last week. Over $200 million worth of SHIB has been wiped off its holdings in less than a week.

Not Really A Shiba Inu Fan

Despite the fact that certain Ethereum whales appear to be pulling out the meme coin, not all whales have followed suit. Others have started to stuff their bags during this time, but it now appears to be more of a gamble on their side. BlueWhale0073, an Ethereum whale, recently purchased another 300 billion tokens. This occurred as the meme coin’s price dropped, prompting investors to worry. SHIB worth $6.1 million was purchased in total.

However, the whale did not stop there. They’d made another move, this time taking advantage of falling pricing to buy even more tokens. BlueWhale0073 has added another 143 billion SHI tokens to their holdings this time, bringing their total to $3.2 million. This whale would not be the only one seeking to profit from the low prices, as another whale known as Bombur did the same thing when he added over $1 million in SHIB tokens to his portfolio. The meme coin, which is now priced at $0.00002, is still the largest token held by the top 100 Ethereum whales.

ALSO READ: Is fleeing investors from meme coins resulting in Dogecoin and Shiba Inu Price drop?

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing