By: Zeng Han-Jun, Head of Research

Among the notable tokens held by the top 100 Ethereum whales, stablecoins often dominate the scene. However, Shiba Inu remains a formidable presence in these holdings. According to data from whale tracking website, WhaleStats, Shiba Inu currently holds the third-largest position among these whales. While stablecoins such as USDC and USDT take the top spots, Shiba Inu proudly maintains its status as the largest non-stablecoin token in this group.

As of now, Shiba Inu accounts for 11.94% of the total token holdings among these prominent investors. Although USDC and USDT secure higher percentages at 15.67% and 14.03%, respectively, Shiba Inu’s position remains substantial. Considering the whales’ extensive portfolio, Shiba Inu’s presence is no small feat. The total value of these holdings currently exceeds $601 million, marking one of the highest levels reached in the last year.

While rivals like Dogecoin and Pepe Coin experienced remarkable recoveries, Shiba Inu’s price stagnation has raised concern. This prolonged decline has resulted in a large majority of altcoin holders recording losses, further fueling the bear trend. According to data from IntoTheBlock, only a mere 13% of SHIB holders are currently in a profitable position, with a concerning 81% sitting in loss.

Considering the majority of SHIB holders are long-term investors who have held their positions for over a year, a return to yearly highs is crucial to regain profitability. Unfortunately, low momentum illustrated by a 34% decline in daily trading volume implies that positive movement for SHIB may be unlikely in the short term. As such, investors should prepare for the bear trend to extend further.

As of now, SHIB trades at $0.00000788, reflecting a modest 0.79% increase over the past 24 hours. With a market cap of $4.6 billion, Shiba Inu maintains its position as the 17th-largest cryptocurrency in the market, signaling its enduring presence amid the crypto landscape.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.