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Shiba Inu (SHIB) has consistently been a preferred choice among the largest Ethereum whales, and the latest information from the whale tracking platform WhaleStats verifies its ongoing significance. Within the top 100 Ethereum whales, SHIB holds the position of the third-largest token, following only stablecoins USDC and USDT. Although it enjoys considerable popularity, SHIB has encountered difficulties, with its price undergoing a downward trajectory, resulting in most holders facing losses. Nevertheless, its market capitalization remains substantial, affirming its status as the 17th-largest cryptocurrency in the market.
Shiba Inu’s Prominent Position Among Ethereum Whales
Even among the most significant investors in the cryptocurrency sphere, Shiba Inu continues to attract attention. As a meme coin, SHIB occupies a unique position within the top 100 Ethereum whale portfolios, emerging as the largest non-stablecoin token holding. Currently, SHIB accounts for 11.94% of the overall token holdings of these whales, with USDC and USDT leading at 15.67% and 14.03%, respectively. With a total valuation surpassing $601 million, SHIB’s significance among large investors has remained steadfast over the past year.
SHIB’s Challenges and Bearish Trend
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Despite its widespread appeal, SHIB has experienced considerable price fluctuations, raising concerns among its holders. In contrast to competitors like Dogecoin and Pepe Coin, which have seen rebounds, SHIB’s price has remained unchanged, resulting in losses for a significant portion of its holders. Data from IntoTheBlock indicates that merely 13% of SHIB holders are currently profitable, while a troubling 81% are facing losses.
The long-term holders of SHIB are particularly impacted by the price drop, as they require a return to previous yearly highs for most to recuperate their losses. However, the current lack of momentum and a 34% decrease in daily trading volume imply that favorable movements for SHIB, particularly in the near term, are improbable. This suggests that the bearish trend may persist, creating challenges for investors.
Current Standing and Trading Activity
In spite of these challenges, SHIB remains actively traded and boasts a market capitalization of $4.6 billion, securing its position as the 17th-largest cryptocurrency in the market. At the time of this writing, SHIB is trading at $0.00000788, marking a 0.79% rise in the last 24 hours.
Shiba Inu’s appeal among leading Ethereum whales continues, establishing it as a key non-stablecoin token holding. However, the token grapples with challenges stemming from its declining price trajectory, leaving a considerable number of holders at a loss. With uncertain short-term prospects, investors should proceed with caution while navigating the prevailing bearish trend. Nonetheless, SHIB’s ongoing active trading and notable market cap underscore its resilience within the competitive cryptocurrency landscape.
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