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The whales of Ethereum today are seeing a lot of harm with Shiba Inu after its drastic fall. As we know, the Shiba Inu cryptocurrency is the most held token among the richest Ethereum whales. Whales in the world of cryptocurrencies is a term used to describe people or institutions that own large amounts of coins of a certain cryptocurrency. As of today, Ethereum Whales have become one of the largest holders of Shiba Inu, with billions in SHIB.
Shiba Inu, as we have already heard on several occasions, is the killer of Dogecoin.
It is a coin that was created anonymously in August 2020. This meme cryptocurrency quickly gained speed and value as a community of investors were drawn to the cute charm of the coin along with headlines and tweets from the likes of Elon Musk and Vitalik Buterin.
Now, a very important topic; if the Ethereum whales are switching to Shiba Inu, it is one thing that leaves SHIB very much in favor…
The fact that the Shiba Inu developers are turning the coin into more than just a meme cryptocurrency is drawing the big whales to it. Another reason the Shiba Inu has gained interest among whales is after the meme coin launched its metaverse, with 100,595 parcels of virtual land.
According to the analysis, the main whales of Ethereum do not have as many Shiba Inu as in the past. As of early March, Ethereum whales held over $1.5 billion worth of Shiba Inu. Today, the total is down to around $824 million. But if you think that the whales of Ethereum are giving up on the Shiba Inu, then you might be wrong. The biggest investors seem to like the Shiba Inu more than any other cryptocurrency these days. Ethereum whales now hold more SHIB tokens than any non-Ether token.
On the other hand, deep-pocketed Ethereum wallets have raised their bets on the Tether stablecoin in recent months.
What we are seeing happen is the same phenomenon that is taking place in the stock market. Investors are moving at least some of their money from more aggressive assets to more conservative assets. But that doesn’t mean the whales have given up on Shiba Inu.
Shiba Inu, who made a name for himself last year, made the top 10 holdings list for these holsters and quickly became a favorite among these investors.
On a final note, Shiba is an alternative currency, which implies that a strong community is a requirement for Shiba’s success. Fortunately for the Shiba ecosystem, it is backed by a strong community and had 43 million more views than Bitcoin in 2021. For the Shiba Inu to rise back up and hit an all-time high, it needs to be backed by the bulls in this community. .