- Ethereum network’s large wallet investors continue to accumulate the second largest meme coin, Shiba Inu.
- Rising demand for the dog-themed cryptocurrency failed to influence SHIB price, the meme coin is 90% away from its all-time high.
- Shiba Inu price is stuck in the same price range since mid-December 2022, similar to the bottom of the June 2022 crash.
Shiba Inu, a Dogecoin-killer meme coin is being scooped up by large wallet investors on the Ethereum network. Whales have accumulated SHIB tokens consistently since 2022. Despite demand from whales, the cryptocurrency is stuck in a tight range and 90% away from its all-time high.
Ethereum whales accumulate Shiba Inu
Ethereum network’s large wallet investors scoop up the meme coin consistently through dips in SHIB’s price. This started in mid 2022 and continued throughout the second half of the year. The Dogecoin-killer is currently 90% away from its all-time high.
SHIB accumulation by whales
Shiba Inu is the second largest cryptocurrency by market capitalization after Dogecoin. Despite rising demand from whales, the dog-themed meme coin has failed to wipe out losses from crypto winter.
On close observation, the accumulation by whales reveals that retail participation is low and institutions, professional traders are scooping up SHIB in the current price range. There is a lack of participation from retail, as sentiment among traders remains bearish.
Shiba Inu price was stuck within a tight price range after mid-December and it continued to slip lower in 2023. The decline in SHIB has brought the meme coin close to an important support level at $0.0000081. Shiba Inu price was within this range at the bottom of June 2022 crash.
Data from crypto intelligence tracker Whalestats confirmed that SHIB features on the list of top 10 most traded tokens among 100 largest whales on the Ethereum network. This confirms a rising demand for the Dogecoin-killer above the support level.
Shiba Inu needs market-wide participation from retail traders to wipe out losses from crypto winter and the spreading FTX contagion.