Shiba Inu (SHIB) continues to appear on whales’ radar; Such interest becoming suspicious
According to the crypto statistics portal WhaleStats, Shiba Inu (SHIB) surpassed the Silverway (SLV) token as the biggest holding among the top 500 Ethereum whales.
📰 JUST IN: $SHIB @Shibtoken has flipped $SLV for biggest holding by dollars among top 500 #ETH whales
Peep the top 100 whales here: https://t.co/tgYTpOm5ws
(and hodl $BBW to see data for the top 500!)#SHIB #SLV #whalestats #babywhale #BBW pic.twitter.com/oLRt80h4XB
— WhaleStats (free data on crypto whales) (@WhaleStats) July 17, 2022
SHIB remains the largest asset held by whales besides ETH itself. The average position size of the Shiba Inu token is 495.2 billion SHIB or $5.5 million among the top 100 ETH holders. Even though the size of their SHIB position is 53 times smaller than their ETH position, it is still more than their holding of USDC Stablecoin, which is almost $2 million.
Overall, SHIB makes up 23.33% or $544.9 million of the Ethereum whales’ portfolio, not including ETH itself. Such an estimate means that about 49.5 trillion SHIBs are concentrated in the balance of large ETH wallets, which equals 9% of the circulating token supply.
What motivates whales to buy SHIB?
It is now safe to say that a large number of people are interested in buying SHIB. So many that the number of addresses holding the token recently surpassed the 1.2 million mark.
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It is impossible to fully understand what may be prompting big players to accumulate large Shiba Inu positions, but, assuming that the token is actively getting acceptance as a means of payment lately, two options are looming. Either the big money is buying SHIB in hope that the price of the token will significantly increase due to its rapid spread, or they are attracted by the possibility of paying for fancy clothes, yachts and country houses using SHIB.