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Shiba Inu is the Secret Residence of Many Ethereum Whales – Analytics Insight

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When you look at data in its polluted form, it
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Shiba Inu, the cryptocurrency that began as a joke, is presently shaking decentralized finance. Everyone knows that Shiba Inu is the biggest competition for popular meme cryptocurrency Dogecoin and SHIB have made some amazing progress. However, the new progressions in Shiba Inu are more impressive than ever before. Many crypto whales, including big heads like Ethereum whales and Dogecoin whales, are feasting on SHIB. While the cryptocurrency market is still recovering from the bear outbreak, Shiba Inu is relatively doing well. Since 2020, Shiba Inu has been under the spotlight after representing itself as a ‘Dogecoin Killer’ and actually became one in 2021. For a brief time, SHIB outperformed DOGE and even entered the top 10 cryptocurrency list. Ethereum whales are constantly staking up their SHIB investments to yield a good profit when the cryptocurrency hit new highs. This article features how Shiba Inu is the secret residence of many Ethereum whales.
 
Shiba Inu has failed to make much progress in 2022 and the price has remained slightly over US$0.00002 for the most part of the year. However, one should not ignore the historical data of Shiba Inu. In 2021, this meme coin soared by a whopping 45,000,000%. The ongoing situation may not be favorable for the rise of this coin but one cannot ignore the fact that once the situation improves, investors may once again flock to buying SHIB tokens.
Increasing trust in the Shiba Inu ecosystem can also be considered as one reason why Shiba should be part of long-term investment. There has been news of Ethereum whales purchasing Shiba Inu tokens in bulk. Whales are the ones who own a great deal of cryptocurrency. If the ETH whales are shifting to Shiba Inu, it is evidence of increasing trust for the Shiba Inu ecosystem. The fact that Shiba Inu developers are transforming the coin into more than a “Meme Token” is attracting the big whales towards it. This year this meme coin is believed to be launching a layer-2 scaling solution and also entering the world of the metaverse.
 
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.
 
FTX has now become the top favorite among Ethereum whales. The place religiously held by the Shiba Inu meme coin was taken by the crypto exchange token that had caused a stir in the industry. Several major Ethereum whale purchases have shown bullish trends towards the digital asset as they continue to collect the token.
FTX had risen up the list for the largest number of tokens held by Ethereum whales. These whale addresses, which have between 10,000 and 1 million ETH in their balance, have diversified their portfolios into other altcoins. SHIB, who made a name for himself last year, made the top 10 holdings list for these holsters and in no time became a favorite among these investors.
On a concluding note, Shiba is an altcoin, implying that a strong community is requisite for the success of Shiba. Fortunately for the Shiba ecosystem, it is backed by a strong community, and it had 43 more million views than Bitcoin in 2021. For Shiba Inu to rise again and achieve an all-time high, it must be backed by the bulls of this community.
 
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