Large wallet investors on the Ethereum network continued accumulation of Shiba Inu coins. Shiba Inu price is up 51% over the past week and analysts remain bullish on the meme coin.
- Top 100 Ethereum whales acquired 150 billion Shiba Inu coins
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- Shiba Inu burn rate is indicative of a price rally
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- Whales increase Shiba Inu holdings in bear market
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- 62.26 million Shiba Inu coins burned
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Top 100 Ethereum whales acquired 150 billion Shiba Inu coins
Shiba Inu price has witnessed a massive rally over the past week, despite a bear market in crypto. While Bitcoin, Ethereum, Solana and other altcoins witnessed a steep decline in price, Shiba Inu price continued its climb.
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Shiba Inu is the biggest token by dollar value in the portfolio of top 100 whales on the Ethereum network. The popular whale “Gimli” scooped up 386 billion Shiba Inu and added it to their portfolio earlier this week.
Shiba Inu scooped up by Gimli
Gimli has consistently added new Shiba Inu tokens during the meme coin’s downtrend.
Gimli is among the top two whales that added Shiba Inu through the dip in SHIB price. BlueWhale0159 added 147 billion tokens through the bear market.
Shiba Inu burn rate is indicative of a price rally
Shiba Inu proposed the release of a crypto card, fueling a bullish sentiment among holders.
Is shiba inu on ethereum
The meme-inspired cryptocurrency Shiba Inu ($SHIB) has managed to maintain its position as the largest altcoin holding among the largest whales on the Ethereum ($ETH) network amid a cryptocurrency market downturn.
According to data from whale monitoring service WhaleStats, the largest Ethereum whales haven’t divested of their Shiba Inu holdings over the last few months, and keep SHIB as one of their largest holdings, behind Ethereum’s ether ($ETH) only.
The platform’s data shows that the 100 largest whales on the Ethereum network hold $269.7 million worth of ETH, and $5.49 million worth of SHIB, followed by $5.3 million worth of Circle’s USDC stablecoin.
These whales’ next largest holdings are in FTX’s $FTT, at an average of $2.97 million per whale. It’s followed by the native token of the Bitpanda exchange, $BEST, with $1.8 million held per whale on average.
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Decentraland’s $MANA, and $3.9 million worth of Chainlink’s $LINK. Other holdings in the whale’s wallet include $ENJ, $USDC, $UNI, and $YFI.
After Gimli’s transactions, another Ethereum whale known as BlueWhale0159 picked up 147 billion SHIB for $1.55 million, bringing the total accumulation above 530 billion SHIB in one single day.
As CryptoGlobe reported, Shiba Inu has managed to maintain its position as the largest altcoin holding among the largest whales on the Ethereum network amid a cryptocurrency market downturn.
the largest Ethereum whales haven’t divested of their Shiba Inu holdings over the last few months, and keep SHIB as one of their largest holdings, behind Ethereum’s ether only.
At the time of writing, SHIB makes up 21.15% of the altcoins holdings of the 100 largest whales on the Ethereum network, above USDC, stETH, and other cryptocurrencies.
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Despite the bear market, Ethereum whales scooped up massive amounts of Shiba Inu and added it to their portfolio. Post the FOMC announcement, Shiba Inu price started its recovery.
Also read:Dogecoin and Shiba Inu bleed in Pre-FOMC crypto snoozefest
Whales increase Shiba Inu holdings in bear market
While Shiba Inu price lost nearly 90% of its value over the past year, that did not stop whales from scooping up the meme coin.
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Shiba Inu price is up 51.6% over the last seven days. The Shiba-Inu-themed meme coin has become one of the most acquired cryptocurrencies among the 100 largest investors on the Ethereum network.
Throughout the crypto market bloodbath, large wallet investors have accumulated Shiba Inu coins. Based on data from Whalestats, a platform that shares insights on the top 100 wallets on the Ethereum network, whales now hold 512.3 billion Shiba Inu coins.
Shiba Inu holdings of 100 largest Ethereum whales
62.26 million Shiba Inu coins burned
Based on data from Shibburn, 62.26 million Shiba Inu coins were burned in less than 20 transactions.
As the quantity of Shiba Inu burned increases, more coins are pulled out of the circulating supply and sent to dead wallets.
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Saudi Shiba Inu, simply known as SAUDISHIB, was created on the 21st of July 2022 on the BSC network and already has a good number of holders with an earlier All-Time-High of $300,000 Market Capitalization on the BSC network.
However, the Saudishib Ethereum launched on the 29th of July 2022 to create an opportunity for crypto investors on the Ethereum Chain to trade Saudi Shiba Inu just like the investors on the BSC network.The Developer of Saudi Shiba Inu simply identified as Sir Doggidoge alongside other members of his team from Europe and America said they aim to bridge the gap between token and Coin by introducing some utilities.
Sir Doggidoge in a press statement, said the launch of the Ethereum Chain will be beneficial to all Saudi Shiba Inu holders because the team will bridge the two networks together, thus strengthening the foundation of the project overall.
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Sir Doggidoge said the Saudi Shiba Inu underwent an Audit and KYC (Know Your Customer) in a bid to display some level of transparency and avert possible panic from crypto traders.
The Developer noted that Saudi Shiba Inu is listed on CMC and CG, making it easy for the project to be tracked.
According to him, Saudi Shiba Inu aims to have several utilities ranging from Staking Pools, Saudi Shiba Inu Wallet, a DEX Swap, development of a meme coin exchange and Special NFT Platform and matervese integration.
The statement which highlighted the tokenomics said that 2% of every transaction is distributed to holders via automatic reflections whilst 6% buy and 8% sell are automatically sent to the token’s Liquidity Pool.
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Other top holdings include $USDT, $stETH, $CHSV, $MANA, and $MATIC.
As CryptoGlobe reported, SHIB flipped FTT to become Ethereum whales’ largest altcoin holding back in May. WhaleStats’ data shows that SHIB makes up 19.08% of the portfolio of the 100 largest whales on Ethereum, with their total holdings amounting to $548.9 million.
In comparison, FTT amounts to 10.34% of their portfolios, with total holdings being $297.5 million, followed by BEST, which represents 6.4% at $184.2 million. Ethereum whales’ SHIB holdings have been growing over time, with a recent 150 billion SHIB purchasing adding to their holdings.
Earlier this month, SHIB saw its holder count grows past the 1.2 million Ethereum addresses, up from around one million eight months ago.
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SHIB tokens amid an ongoing accumulation.
According to data from whale monitoring service WhaleStats, the Ethereum whales’ accumulation over the past 24 hours was largely led by a whale known as “Gimli” on the platform, which made two significant transactions purchasing a total of 386 billion SHIB for little over $4 million.
In one transaction, Gimli picked up 199 billion SHIB for $2.07 million, while the whale added 187 billion tokens for $1.99 million in a second transaction.
The Ethereum whale, according to Etherscan data, currently has over $127 million worth of cryptoassets in its wallet, with $73 million worth of those funds being held in Ethereum’s native token ETH.
Gimli’s second-largest holding is in the meme-inspired cryptocurrency Shiba Inu as the whale holds $16 billion worth of SHIB.