Shiba Inu is the largest stock of the 1,000 best ETH purses | MCU Times

Shiba Inu is the largest stock of the 1,000 best ETH purses

Bybit

Data from whalestats.com shows that the controversial meme-token Shiba Inu is the most significant inventory of the 1,000 best ETH purses, excluding Ethereum.

After a huge upsurge in October, where $ SHIB achieved over 1,000% gain at its highest price of $ 0.00008846, things have cooled off significantly.

The Shiba Inu price is currently caught in a downward trend of $ 0.00004519 providing support after rejecting this price level on three occasions since the peak.

Shiba Inu daily
Source: SHIBUSDT at TradingView.com

Nevertheless, despite demonstration of cases of “Dogecoin killings” throughout October. For example, $ SHIB has overtaken $ DOGE on market value placement on several occasions and consistently higher 24-hour trading volume, until now, $ SHIB has not been able to maintain this form.

In addition to its meme coin status, this has led many to question whether Shiba Inu is a glimpse into the pot that is doomed to fail in the long run. But regardless of this, as indicated by data from whalestats.com, ETH whales are not worried, at least not in the short term.

What are ETH whales doing?

According to whalestats.com, Shiba Inu represents the most significant portfolio of the 1,000 best ETH purses excluding Ethereum, accounting for just over 20%, at $ 2.4 billion.

All other inventories are significantly less than $ SHIB. The second largest is crypto.com’s CRO token, which accounts for 6% of the total holdings at $ 645 million. The CRO has been in blistering late form, growing 72% over the past week, reaching a record high of $ 0.59 today.

In third place is Bitpanda’s BEST token, which comes in at 5% of the total portfolio, equivalent to $ 593 million.

Shiba Inu tops the stock of top 1,000 ETH whales
Source: whalestats.com

Should You Fear Shiba Inu Whales?

Drilling further, analysis of top 100 Shiba Inu wallets reveal some interesting statistics.

The average $ SHIB value in the top 100 wallets has increased by 43% to $ 119 million. This despite declining volume and net flow. In addition, the top 100 wallets control 25% of the total supply, of which only ten wallets are active.

The danger of high whale concentration comes down to market manipulation. Sharp market movements are often related to liquidity – specifically market depth and spread. Whales that control a high percentage of tokens can temporarily drain liquidity and increase market volatility.

This practice is to the advantage of the whales at the expense of all other token holders.

Following the start of the $ SHIBs downturn earlier this month, cryptoinvestor Aaron Brown posted into Shiba Inu and accuses the project of lacking solid underlying fundamentals. He added that when combined with high whale concentration, non-whales should be careful.

“But for crypto without underlying economics – whose value is only determined by speculation – concentrated ownership suggests a manipulated game.”

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