According to the blockchain tracking service WhaleStats, Shiba Inu (SHIB) has become one of the top altcoins in the market after a new report showed 500 biggest whales on the Ethereum (ETH) network hold the coin. Ethereum whales have bought approximately 54,308,468,786,386 Shiba Inu (SHIB) worth around $606.3 million.
From what WhaleStats is saying, the current worth of Shiba Inu tokens in investors' wallets supersedes every other altcoin in the market. It was only Polygon (MATIC) that came second to Shiba Inu at $440 million in investors' pockets. Shiba Inu has proved that it has become greater than Dogecoin in the crypto market as it has started competing against top players such as Bitcoin and Ethereum.
"The top 500 ETH whales are hodling:
$606,354,054 SHIB
$166,807,633 MATIC
$155,922,150 BEST
$146,459,691 LINK
$131,748,690 CHSB
$95,129,958 UNI
$70,172,580 LOCUS
$68,858,117 MANA."
The reason behind the new rally behind Shiba Inu is the upcoming event that will be happening in the Shiba Inu ecosystem. Whales are piling up their bags because of the Shibarium event, which is expected to increase the price of Shiba Inu sporadically. The launch of Shibarium, a layer-2 scaling project, is expected to bring a huge boost to the Shiba Inu network. According to the developers, the new update will help reduce transaction fees. Subsequently, it is expected that the event will affect Shiba Inu's price positively. Hence, the huge accumulation by Ethereum whales.
The piling up of Shiba Inu tokens started last year when wallet trackers noticed that an unknown wallet was accumulating Shiba Inu tokens in large amounts. The wallet is yet to be identified, but it has grown to become the largest unknown wallet with Shiba Inu tokens. This wasn't the only wallet that had accumulated billions of Shiba Inu tokens while waiting for the Shibarium event.
As recently as last week, a wallet tracking platform Etherscan noticed that another Ethereum whale was piled up to $1.34 million worth of Shiba Inu tokens in one day. With the current Shiba Inu price, $1.34 million worth of tokens is approximately 118,058,494,947 SHIB.
Shiba Inu Price Predictions
Shiba Inu started 2023 well, leading to predictions from experts that the token will go on to have a very great year. Within 30 days, Shiba Inu went from starting the year at $0.00000814 to reaching $0.00001549 on February 4th. Within its first 30 days chart in 2023, Shiba Inu's price increased by about 90%.
But the price of Shiba Inu dropped within the past 24 hours. It dropped to $0.00001105 at a 1.5% fall. Compared to the past 30 days, Shiba Inu's price has decreased by about 13%. But it is still doing well considering its first 30 days of the year. It is still up in profit by about 36%.
Considering that Shiba Inu reached a high of $0.00001549 in 2023, the token has consistently fallen through all the support levels experts predicted. If the token does not have a quick successive bullish trend that will last for a long time, it might break the $0.000011 support level and lead to a huge bearish run.