Ethereum Whales May Be Bearish Towards Shiba Inu As Balance Drops Below $1 Billion

Ethereum whales are no doubt some of the biggest fans of meme coin Shiba Inu but it seems even the whales are starting to feel the heat of the downtrend. This has resulted in the top whales significantly decreasing their holding in the digital asset. Now, these whales still hold a reasonable portion of the supply of the meme coin but with prices continuing to plummet as the crypto market pulls back, it seems the whales are betting less on meme coins.

Ethereum Whale Holdings Decline

Ethereum whale Shiba Inu balances have been above $1 billion for the longest time. These are the top 100 Ethereum whales according to WhaleStats, whales who have always been bullish on the meme coin and have made it obvious with their accumulation trends. However, this era of incredibly bullish sentiment among these whales seems to be slowly coming to an end as they have now taken to reducing their holdings in the digital asset.

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Their total balances have now dropped to $982,324,880 as at the time of this writing. This doesn’t mean that the meme coin has lost its footing when it comes to the token leaderboard. In fact, Shiba Inu is still the largest token holdings of these Ethereum whales by a good margin. It currently makes up 15.23% of the total holdings of the top 100 whales, with FTX Token coming in second place with a total of 13.58%, with a dollar value of $875,821,321.

What this signifies is that some of these whales are dumping their tokens. Last week, the total dollar value of their SHIB holdings was trending between $1.2 billion to $1.4 billion. In the space of a week, there has been more than $200 million worth of SHIB shaved off their holding.

Not Out On Shiba Inu

Despite Ethereum whales seemingly pulling out the meme coin, not all whales have followed this trend. Others have also taken to filling up their bags during this time, although it now seems more of risk-taking on their part.

An Ethereum whale identified as “BlueWhale0073” recently bought another 300 billion tokens. This happened as the price of the meme coin had dipped causing panic among investors. In total, the dollar value of the purchase had been an impressive $6.1 million worth of SHIB.

SHIB continues downtrend | Source: SHIBUSD on TradingView.com

The whale did not just stop there however. They had taken another move to take advantage of declining prices to purchase even more tokens. This time around, BlueWhale0073 had added another 143 billion SHI tokens to their holdings, coming out to a dollar value of $3.2 million. 

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This whale would not be the only one trying to take advantage of the low prices as another whale identified as “Bombur” had followed the same footsteps when they added over $1 million in SHIB token to their holdings.

Now trading at $0.00002 at the time of writing, the meme coin is still the largest token holding of the top 100 Ethereum whales.

Featured image from Forbes, chart from TradingView.com