Ethereum Whales Pile Into Dogecoin Competitor Shiba Inu As Holdings Explode by Over 500%

Ethereum (ETH) whales are aggressively increasing their holdings of a Dogecoin (DOGE) rival as the crypto market stages a modest recovery.

According to transactions tracker WhaleStats, Ethereum whales have increased their holdings of Shiba Inu (SHIB) by slightly over 580% from $736,000 to over $5 million in under 24 hours, in the process moving the Dogecoin competitor from being their seventh-largest holding to the second-largest holding.

Shiba Inu is now the top holding of the largest 100 Ethereum wallets after Ether.

Besides stablecoins and Ethereum, other crypto assets featuring among the top-10 holdings of the leading 100 Ether whales include Ethereum’s scaling solution Polygon (MATIC), the native token of decentralized virtual world Decentraland (MANA) and the utility token of the Cronos (CRO) ecosystem.

Shiba Inu is trading at $0.00001139 at the time of writing, up by about 6% in 24 hours.

The surge in the Shiba Inu holdings of Ethereum whales comes at a time when 69% of the holders of the 15th-largest crypto asset by market cap are underwater or holding the digital asset at a loss.

Only 27% of the Shiba Inu holders are in profit at the current price while 4% are at the break-even level.

About 26% of Shiba Inu holders have held the crypto for over one year while 70% have held the digital asset for between one to 12 months.

Four percent of Shiba Inu holders have held the crypto asset for less than one month.

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Featured Image: Shutterstock/Victoriya1994/Boombastic