Ethereum whales are showing heavy involvement in other cryptocurrencies especially, Shiba Inu.
Ethereum whales have highly focused their investing attention on Ethereum (ETH), but for how long? Ethereum whales are showing heavy involvement in other cryptocurrencies, with their second-largest holding being none other than Shiba Inu. Investors have high hopes for Shiba Inu as it is expected to reach US$0.001 in the forthcoming years. This is a coin that has previously exploded by almost 46,000,000% and can do it again. The ‘burn portal’ is expected to trigger enhancing the Shiba token value. The Shiba Inu Doggy DAO, the metaverse (Shiberse), and many other products are also projected to grow the price of this coin.
Whalestats.com is a site that intently monitors the activities of the 1,000 largest ETH-holding wallets on the Ethereum network, which hold in total billions of dollars in ETH. While that asset is far and away from their most significant holding, more than half of their portfolio lay in other cryptocurrencies and stable coins. At a little more than US$2.3 billion, the amount of SHIB held by Ethereum whales constitutes a 12.97% share of the group’s portfolio. Their third favorite crypto at the moment is FTX Token, which lags well behind at US$857 million, representing 4.76%.
The Rise of Shiba Inu
In a typical year, the top-performing publicly listed stock that isn’t a microcap is probably going to gain 2,000%, or perhaps a bit more. Last year, Shiba Inu delivered what may go down as the single greatest one-year gain that will ever become an investable asset. The self-proclaimed ‘Dogecoin-killer’ has proven itself to be of much more importance, despite harsh criticism and negative investor analysis. The Shiba Inu coin produced massive profits in 2021 and astonished the crypto market with skyrocketing profits. The most obvious reason SHIB was unstoppable in 2021, was due to its increased visibility. As the token rose the ranks in popularity and market capitalization, so did its market liquidity and investor community. Shiba Inu celebrated its growing community in 2021 as it crossed 1 million followers. It became the most-searched cryptocurrency in 2021, overtaking Bitcoin and some other major cryptocurrencies. The launch of decentralized exchange ShibaSwap in July also helped its cause.
The Many Times Ethereum Whales Chose SHIB
For a long time, Ethereum whales have been interested in Shiba Inu investment. The scenario has recently taken a steep upward path since SHIB emerged as the only crypto that was doing well in the market. Last December, an Ethereum whale bought 4 trillion SHIB tokens in a single transaction worth US$134 million. According to WhaleStats, which keeps a close eye on 1,000 richest Ethereum whales, SHIB is the ‘most traded and biggest holding among the top 1,000 ETH wallets.
During the intense stage of the Russia-Ukraine fiasco, crypto whales were found moving their funds to SHIB. WhaleStats reported that back in the time, two major Ethereum whales have purchased 105.7 billion SHIB tokens.
ETH to Collapse?
Ethereum has been on a downtrend in 2022. The crypto witnessed new all-time highs in 2021 when Bitcoin reached its peak value. But after the market meltdown in the Q4 of 2021, Ethereum has been facing severe volatility issues. Ethereum is known to yield more returns than Bitcoin, but right now, with the delay in Ethereum’s upgrade that is postponed to be launched in the Q3 of 2022, experts predict that the crypto will soon collapse and investors might suffer major losses!
Is it Time to Sell Ethereum?
There are several reasons why Ethereum has been so volatile, these past few days. Even before the Russia-Ukraine war, the crypto has been giving several reasons to its investors to sell off their investments. But since the crypto market is mostly based on investor speculation, it is quite difficult to assess and pinpoint a particular reason for Ethereum’s bad performance. Government officials have shown an increased interest in crypto regulation and even the possibility of creating government-issued digital currencies. All this has shaken the very foundations of the crypto market. But selling ETH tokens might not be such a good idea. Ethereum is still the second-largest cryptocurrency in the market, the ETH 2.0 upgrade is still coming, and the crypto will definitely overcome its bearish state and run bullish price rallies in the market very soon. But investors should be careful about its volatility, despite its persistence with ETH.
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