The Shiba Inu has grown in popularity in recent months, attracting the attention of investors and cryptocurrency enthusiasts. As the cryptocurrency market continues to grow, the rise of SHIB has caught the eye of those looking for the next big investment opportunity, as evidenced by Ethereum whales.
Despite the drop in coin prices over the past few months, data from whalestats Shows that SHIB is the most popular cryptocurrency among the top 100 Ethereum whales, at 12%, with SHIB worth $601.2 million.
🐳 Top 100 #ETH whales are hovering
$601,204,724 $shib
$155,922,150 $best
$150,251,240 $matic
$131,748,690 $CHSB
$130,938,527 $link
$72,726,301 $uni
$70,172,580 $location
$63,302,192 $ mind
whale leaderboard 👇https://t.co/N5qqsCAH8j pic.twitter.com/ESbLhozSRo
– WhaleStats (tracking crypto whales) (@WhaleStats) March 5, 2023
Shiba Inu: The Most Iconic Cryptocurrency
Surprisingly, this number is only about 10% of altcoins owned by ETH whales, as most major investors now own more stablecoins. The top 1,000 ETH holders hold approximately $1.06 billion in USDC and $808 million in USDT.
The bearish-driven SHIB price may be affected by investor interest following the success of the Shiba Inu on Ethereum whales.
for the past week, SHIB’s price performance has been bad, trading at $0.00001195, down nearly 11% over the past week. SHIB was trading at $0.00001104 Data from crypto market tracker CoinGecko shows that only $172 million worth of Shiba Inu coins were traded by crypto investors in the past 24 hours.
In addition, WhaleStat tracks the most traded currencies, largest token positions by dollar value, most used smart contracts, and best-selling coins from large investors. While the award for most valuable cryptocurrency went to the Shiba Inu, the USDC stablecoin was the clear winner everywhere.
What does the popularity of the Shiba Inu mean
As the Shiba Inu cryptocurrency continues to grow in popularity, experts are warning of the potential risks and uncertainties associated with investing in the meme-based digital currency.
Despite the rapid rise in value, the Shiba Inu remains a highly volatile and erratic investment, with no clear underlying value or practical use case.
While some investors are attracted by the potential profits that come with early adoption of a new cryptocurrency, others warn that the Shiba Inu’s popularity may be fueled by hype and speculation rather than any fundamental value.
SHIB total market cap at $6.5 billion on the daily chart | Chart: TradingView.com
Additionally, there are concerns about the security and reliability of the exchanges where Shiba Inu can be bought and sold, as well as the potential for market manipulation by large holders of the coin.
Despite these concerns, Growing Interest in the Shiba Inu and other cryptocurrencies underscore the growing mainstream acceptance of digital assets as a legitimate investment class.
Like any investment, experts advise investors to proceed with caution, do thorough research and only invest what they can afford to lose.
Featured image from Watcher Guru
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