Over the past few months, the whales on the Ethereum network have been observed diversifying their holdings into other assets like Shiba Inu.
Among the assets available for these whales to choose from, some have a special preference and have seen billions of dollars pumped into them over time.
One of such altcoins is the memecoin, Shiba Inu or $SHIB.
SHIB, for a long time, has managed to make itself one of the top choices for crypto whales.
This has held true, especially after the price of Ether, the native cryptocurrency of the ether network, took a nose-dive right after its switch to a Proof-of-Work consensus mechanism.
According to data from WhaleStats, a platform that tracks and analyzes the activities of the top 1000 ETH whales, the crypto space has observed that SHIB remains one of the longest holdings of these whales. The whales have not sold their holdings in months.
According to a tweet from WhaleStats, the 1000 biggest whales on the market hold ETH stashes worth about $21.4 million, $6.5 million of the stablecoin USDC, and $5.9 million worth of USDT.
Right after Ether and the stablecoins is their average Shiba Inu stash, worth about $1.7 million.
To begin with, their largest altcoin holding was FTX, also known as FTT. This was right before Shiba Inu displaced it in May to become the largest altcoin holding after Ether.
On the combined portfolio of the largest 100 whales on the market, SHIB now makes up 6.47%, worth a staggering $175,6 million. Compared to FTT, which has now been relegated to 0.5% of their portfolios and is worth about $15.9 million.
Notably, SHIB tokens are also being actively burned, doing a lot to help its price. The burn rate has spiked to about 3000% this year, amounting to 200 million Shiba Inu burned in 24 hours.
Other tokens under the radar of the Ethereum whales include Ripple Coin, Cardano, and Polygon.
Shiba Inu has been trading inside an ascending channel since late May, kicking traders off the market with a false breakout to the upside in mid-August.
Shiba Inu seems to be in a consolidation phase as the price normalizes around the $0.0000195 support before a leg upwards or a breakdown of this support level.
The RSI shows neutral market conditions from the medium perspective and looks on the verge of a crossover between the MACD and signal lines.
The price of Shiba Inu may rebound from this support level and head straight up or break downwards and trade even lower to the $0.00000743 level.
What remains important is to wait for the right signs before jumping in and trading.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)