Ethereum Whales Set their Sight on Shiba Inu

Shiba Inu (SHIB), one of the most well-known cryptocurrencies, has moved up the ranks of Ethereum whales’ holdings to become the second-largest holding, moving from seventh place.

The amount of Shiba Inu that Ethereum whales possess has been growing lately; nevertheless, 69 percent of individuals who own the cryptocurrency that is now ranked 15th in terms of market value are either in the red or losing money.

As the cryptocurrency market shows signs of recovery, large holders of Ethereum (ETH) are making aggressive efforts to increase their holdings in Dogecoin (DOGE). According to a tracker of transactions, Shiba Inu (SHIB), one of the most formidable competitors, moved up from the seventh-largest holding of Ethereum whales to the second-largest position after experiencing a gain of more than 580 percent, going from $736,000 to over $5 million in less than 24 hours. This allowed it to move from the seventh-largest position to the second-largest position.

Stablecoins and Ethereum are two of the top 10 holdings of the top 100 Ether whales, along with Polygon (MATIC), a scaling solution for Ethereum, Decentraland (MANA), the native token of the decentralized virtual world, and Cronos (CRO), the network’s utility token. Stablecoins and Ethereum are among the top 10 holdings of the top 100 Ether whales. After a nearly 6 percent increase throughout the course of the previous day, Shiba Inu is now valued at $0.00001139.

The amount of Shiba Inu that Ethereum whales possess has been growing lately; nevertheless, 69 percent of individuals who own the cryptocurrency that is now ranked 15th in terms of market value are either in the red or losing money. At the current price point, just 27 percent of Shiba Inu owners are turning a profit, and 4 percent are only just about maintaining their current level of income.

Seventy percent of Shiba Inu owners have had their cryptocurrency for between one and twelve months, while just 26 percent have held it for more than a year. Shiba Inu owners have been in possession of their cryptocurrency for an average of 2.6 years. Only a few weeks have passed for 4% of Shiba Inu owners who have recently acquired this cryptocurrency.