The World’s Largest Ethereum [ETH] whales continue to bet bullish on the meme currency SHIB. But the question still comes down to the price of the latter.
Has whales’ confidence in SHIB helped the suffering sign rise in value?
Here is the answer
Shiba Inu’s native token SHIB is leading the race to become one of the most widely used smart contracts among the 1,000 largest ETH whales.
WhaleStats, a portal that tracks the actions of major Ethereum holders, highlighted this development in a July 24 tweet.
— WhaleStats (free crypto whale data) (@WhaleStats) July 24, 2022
According to the portal, SHIB has a 19.04% share or $548.6 million in the total portfolio of all ETH whales, which is equivalent to $49.3 trillion SHIB. Here is the detailed leaderboard below.
No doubt these dominant buyers have shown their confidence in the flagship network despite some hitches in the past.
Consider this, “BlueWhale0159” acquired a huge clump of Shiba Inu as the sign remains the largest possession of whales. According to Etherscan, the said whale acquired 50,000,000,000 to SHIBwhich comes down to $1,750,500 in monetary equivalent.
Such high demand goes hand in hand with the burning of SHIB tokens from total circulation. Mainly hoping to increase the price of the token.
In the last 24 hours of press time, there were a total of 110,289,311 SHIB Coins burned. Furthermore, on July 23, there were nearly 200 million SHIB tokens DELETED out of circulation in the past four days, after burning one billion SHIB.
Expectation versus reality check
Notably, Shiba Inu has emerged as a top-15 crypto asset by market cap. This comes amid recent bullish trends that have seen the asset rally with other cryptocurrencies. In fact, it recently overtook Tron (TRX), which is now in 16th place.
In addition, Shiba Inu has formed a high-profile name tie up with Marvel’s go-to previsualization company. Another bullish development.
Despite the whales’ confidence and the above developments, SHIB’s price didn’t really appreciate much. At the time of writing, SHIB got another 1% correction as it traded around $0.000013.
This post SHIB holds $548.6 million stake in ETH whales portfolio – traders should watch out for…
was published first on https://ambcrypto.com/eth-whales-hold-50t-worth-of-shib-what-could-it-mean-for-your-portfolio/