Shiba Inu (BINA:SHIBUSDT) has long been the most valuable token among Ethereum whales. These whales held on to their tokens for a longer period of time, and as the token price increased, so did the dollar value of their holdings. However, the digital asset's position among the whales has been called into question at every turn. It was first the FTX Token, then another ShibDoge meme coin, but the Shiba Inu is asserting its dominance once more.
Assuming the Top
The top 100 Ethereum whales collectively own billions of dollars in cryptocurrencies. The most prominent of these has always been Ethereum, but others have held significant positions in their portfolio. Shiba Inu, arguably one of the 2021 winners, has been dominating the top spot among the top 10 ETH whales for the highest dollar value token position.
ShidDoge, a meme coin that combined the success of Shiba Inu and Dogecoin to create its own token, then challenged this position. The value of the token has increased in recent weeks, as has the dollar value of the whale reserve.
The meme coin expanded to the point where it eventually overtook SHIB as the token with the highest value per dollar. It was a fleeting win, though, as Shiba Inu soon caught up to her. The top 100 whales on Ethereum currently hold SHIB worth around $560 million, which is 19.12% of their entire holdings.
With that amount, it surpasses other favorites like USDT, which at $416.4 million is the second highest token share and accounts for 14.21% of all tokens in circulation. Surprisingly, as a result of the price decline in early July, ShibDoge is no longer among the top 10 holdings in terms of dollar worth.
Shiba Inu investors lose money
Even though Ethereum whales continue to hold Shiba Inu, the cryptocurrency's price has not improved. SHIB, like every other cryptocurrency in the space, has seen its price plummet in the last month and has struggled to recoup even a fraction of the lost value. As a result, token holders suffered massive losses.
According to IntoTheBlock data, the vast majority of SHIB investors are currently losing money. It has now become one of the worst performing cryptocurrencies during the bear market, with only 24 percent of all investors profiting.
72% of all investors are losing money, with the majority of them holding their tokens for 1 to 12 months. Those who have held their tokens for more than a year have seen any gains. While 5% is in neutral territory, it is likely that these are investors who purchased their tokens during the bear market.
