Ethereum whales have shown interest in the meme token Shiba Inu for a while. The support emerged due to the swift growth of the crypto that saw some dip-pocketed investors netting millions in profit.
Nonetheless, the canine-themed token succumbed to the cryptocurrency winter. SHIB has seen the worst declines that have repelled ETH whales from the dog coin.
Shiba Inu’s Fall from Favor
At some point, SHIB’s holdings by the leading 5,000 ETH whales hit the peak of $1 billion. However, downsides emerged, and the digital assent saw steady price declines. Meanwhile, that had whales exit their positions gradually.
Nevertheless, SHIB remained in ETH whales’ top ten holdings by value even as Ethereum’s large investors reduced their Shiba Inu holdings. That narrative persisted until the leading Ether whales no longer feature the meme coin.
The whales holding ETH worth $8.4 million (average) have swapped their top holdings with MANA, a metaverse coin that now makes around 35.59% of their asset value, excluding Ether. stETH follows, making up 34.21%, whereas ANT accounted for 12.45%.
Will It Impact SHIB’s Price?
Shiba Inu has already dropped around 5% within the past day. However, the slump didn’t originate from SHIB’s elimination from the leading ten ETH whales. The cryptocurrency market had endured similar moves, with BTC plunging beneath $17K.
Besides that, the meme coin doesn’t seem to perform poorly for itself. The alternative token sees over 1.8M Coinmarketcap users putting it on their watch lists – making it among the highest. Also, it’s the 7th most viewed digital asset on the crypto data aggregation site.
Furthermore, the community remains dedicated to burning as much Shiba Inu as possible to trim the token’s supply. Shibburn shows around 14 million $SHIB destroyed within the previous day. Over 41% of SHIB’s total supply sits in dead (burned) wallets.
Shiba Inu traded near $0.0000085 during this publication. The Dogecoin competitor dropped about 7.49% within the previous week, ranking #16 by market capitalization. We can expect the alt to perform in tandem with the broad market. SHIB enthusiasts should assess overall market cues for informed investment decisions.