Ethereum whales have always been among the top Shiba Inu supporters. They had collectively grown their SHIB holdings to more than $1 billion at one point. Mainly, these top 100 ETH wallets are bullish on the digital asset but it seems that this is about to change. It was noted recently that the holdings of these whales had begun to drop after sliding below $1 billion. It seems this trend is set to continue as holdings have declined almost 50%.
SHIB Holdings Down
Two weeks ago, it was reported that the Shiba Inu holdings of the top Ethereum whales had been declining for a while. It had reached a critical point when the value had fallen below $1 billion for the first time in months. This placed more attention on what the whales were doing regarding the meme coin and why they were seemingly reducing their holdings.
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The weeks following this had proven that this sentiment was indeed right and that the SHIB holdings of these top wallets were actually on a decline. At the time of this writing, SHIB tokens now only make up 10.75% of all token holdings of the top 10 Ethereum whales. This is down almost 5% from what was reported in early May when SHIB made up 15.23% of token holdings.
The figure is even more depressing dollar-wise. Two weeks ago, the whale holdings had been trending around $875.8 million. Today, that number is down to $543.7 million. What this shows is that from the start of May until now, Ethereum whale holdings had declined almost 50%.
SHIB falls 87% from ATH | Source: SHIBUSD on TradingView.com
SHIB has also lost its position as the biggest token position by dollar value among the top 100 ETH whales. That title now belongs to FTX Token, one that has been battling the meme coin for dominance among ETH top wallets.
Shiba Inu Investors Take A Hit
Now, when the market decline had first begun, digital assets such as Shiba Inu had held up quite nicely even though they posted some losses themselves. However, this would prove to not last very long as they would soon begin to decline by a wider margin.
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For the first quarter of 2022, the majority of SHIB holders had seen themselves remain in profit. As the second quarter draws to a close, it has taken a wild turn which has seen most of the meme coin investors now wallowing in losses.
Data from IntoTheBlock shows that only 24% of all Shiba Inu investors are currently in profit. The wider majority, 73%, are all in the red, with only 2% of all investors currently in the neutral territory. Most of those in profit are those who have held the digital asset for a year or longer, and shorter-term investors are bearing the brunt of the losses.
The meme coin is currently trading at $0.000011 at the time of this writing. It’s down 87.02% from its all-time high of $0.00008 that was recorded on October 28th, 2021.
Featured image from Bitcoin News, chart from TradingView.com
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