Shiba Inu Lost First Place As Largest USD-Valued Equity Among Ethereum Whales As This Token Takes The Lead


Arman Shirinyan

Shiba Inu Is No Longer Ethereum Whales’ Biggest Assets, But It Won’t Be For Long

Shiba Inu, which has previously shown strong performance in the market, has now lost its lead as the largest USD-valued position in the market to another token – which captured that position for an entire month, per Whale Statistics

According to the whale follower, the largest USD share among Ethereum whales is no longer chasing the SHIB token. The new leader, FTX Token, always breathed down the back of the meme token and caught up with it when Shiba Inu’s purchasing power dwindled.

At the time of going to press, $1.14 billion worth of FTX is held by the 100 largest ETH whales on the market, while Shiba Inu is left with $1.12 billion. But despite losing the all-important USD title, Shiba Inu could quickly bounce back into place in the event of a price hike or additional whale purchasing power.

Source: Whale Statistics

According to TradingView, the price of the token has fallen by almost 11% in recent days, which may be the main reason behind the decline in USD value as no major selling activity was noticed in the market.

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Earlier, U.Today covered why whales are constantly buying massive amounts of Shiba Inu tokens. The main reasons were the desire to take control of the supply circulating in the market and push the price of the token further up.

The second reason was the huge discount of Shiba Inu tokens in the market compared to the ATH, which creates a relatively good risk-reward ratio for investors specializing in “meme tokens” or high-volatility assets.

At the time of writing, Shiba Inu is trading at $0.000024, and it could knock over the FTX token in the event of a slight price increase of 2-3% in the next 24 hours. In addition to a price increase, the regular purchase of about 50 billion SHIB will also put it back in first place.

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