Ethereum whales have always been bullish on Shiba Inu. It is obvious in their purchase history that these whales with large ETH holdings are vying hard for the success of the meme coin. At various points in the past, they have been some of the biggest pushers of the digital asset, leading it through its rally, and holding on even through its downtrend. This has not changed.
These Ethereum whales have continued to up their holdings in recent times. This follows the recent market crash that has rocked the space, seeing cryptocurrencies like Shiba Inu crumble down to less than 70% of their all-time high value. Despite this, ETH whales hold out hope for the meme coins as they have purchased Shiba Inu in large volumes, presumably to hold out for the recovery of the altcoin.
Ethereum Whales Double Down On Shiba Inu
It is no doubt that Shiba Inu has grown a lot since it was first introduced to the market last year. Even at its current depreciated value, those who purchased before the price surge are still in profit territory. For others, the downtrend has presented a unique opportunity to increase their holdings in the meme coin pending the next bull rally. Ethereum whales have taken this one step further.
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According to data from WhaleStats, Ethereum whales still remain largely bullish on Shiba Inu. This is evidenced in their purchase history over the past week that has shown that these investors do not believe the reign of the dog-themed coins has come to an end. They have collectively purchased trillions of Shiba Inu, cementing the coin’s position as a whale favorite.
SHIB trending at $0.00002 | Source: SHIBUSD on TradingView.com
A single address has been behind a purchase of almost $40 million in Shiba Inu. This address, alongside another whale wallet that bought more than $34 million worth of SHIB, made up the majority of the accumulation.
Nevertheless, other Ethereum whales have pilled on, purchasing between $1 and $ 12 million worth of SHIB. These whales boast some of the largest holdings of Shiba Inu and their buying pattern points towards bullish sentiment among the big hitters.
More SHIB Holders Are In The Red
With the growth of Shiba Inu had come the expected entry of new investors into the token. For a while, everything remained good as the price of the meme coin had continued to merge. This changed not too long after when investors began to take profits and dump their holdings.
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SHIB quickly lost footing at its all-time high, losing as much as 50% of its value in a matter of months. However, the majority of holders still remained in profit as they had purchased well before the bull rally.
Now, the majority of holders are recording losses following the latest market crash. According to data from IntoTheBlock, 59% of all Shiba Inu holders are now in loss, while only 38% of holders remain in profit.
Featured image from Benzinga, chart from TradingView.com
