Shiba Inu Coin Regains Top Spot In Whales Holdings, Can Its Price Recover?

A recent dump in Shiba Inu (SHIB) prices appears to have attracted accumulation by holders of the biggest Ethereum wallets.

Tracking broader declines in the crypto market, SHIB prices sank 3% in the last 24 hours to erase most of their recent gains. But top Ethereum (ETH) whales are consistently showing their interest in the token.

Shiba Inu becomes largest token held by ETH whales

According to WhaleStats, the SHIB token has flipped the FTX token again to become the largest token held by the biggest 100 ETH wallets. Seems like Ethereum whales are on a buying spree. SHIB token has landed in the top 10 tokens purchased by ETH wallets in the last 24 hours.

Top Ethereum whales are now holding over $1.2 billion worth of SHIB tokens. It makes up more than 14% of its total holdings. As per the data, an ETH whale “BlueWhale0073” has added over $7 million worth of Shiba Inu tokens in the last 24 hours. Meanwhile, the world’s second largest meme cryptocurrency can also be seen on the list of most used smart contracts by the ETH whales.

FTX has now slid to be the second biggest token held by the ETH whales. Top wallets now hold over $1 Billion worth of FTT tokens. It makes over 12% of the whales holding.

Shibaburn portal burns over 17 billion SHIB tokens

Shiba Inu recently launched its token burning portal to crackdown its supply. According to the Shibaburn portal over 17 billion SHIB tokens (worth approx $404K) have been sent to a dead wallet since its inception. However, SHIB’s 24 hour trading volume of $712,882,041 has declined by over 35%.

The recent Robinhood listing and launch of its own Metaverse and other projects around it might have given a boost to the SHIB token. While the BTC price plunge has left the whole crypto market shaken. Bitcoin is down by around 7% in the last 7 days, similarly, SHIB has also plunged by 8% in the same time.