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Shiba Inu provides a lucrative investment opportunity and Ether whales are loading them up
The year 2021 has been a roller coaster ride for cryptocurrencies, but the current market conditions are not supporting SHIB’s greatest dilemma, its stagnant market dominance. The Shiba Inu price has been at a standstill for quite a long time now which made some of the most avid SHIB investors doubt its real-life utility and prospect. The Shiba Inu has been in the limelight for various reasons, most of which did not essentially comprise positive reviews. This self-proclaimed ‘Dogecoin killer’s prominence grew just after DOGE’s value grew and it emerged as one of Dogecoin’s most prominent competitors. Since SHIB’s debut on cryptocurrency exchanges, the Shiba Inu price has experienced sudden spikes and declinations. But even when the crypto is at a bullish price stage, experts and analysts have always been extremely skeptical about it, mainly because it is created out of a meme. Nevertheless, despite all probable controversies, SHIB has remained one of the top altcoins that Ethereum whales are stockpiling at a rapid pace.
It makes sense when ETH whales hoard SHIB tokens because VitalikButerin himself is a Shiba Inu fan. His tweets and comments on Twitter about the token drive its price movements just like Dogecoin’s when Elon Musk tweets about it. One of the actions that Buterin showcased for SHIB and created a significant impact on the token was his donation for the severe Covid-19 outbreak in India in May 2021. This move impacted the popularity of the token and led more traders and investors to adopt the token. Currently, the Shiba Inutoken is being intensely adopted by Ethereum whales. Since the market dipped by the end of 2021, ETH whales have been more inclined towards investing in Shiba Inu than any other cryptocurrencies. Quite surprisingly, the top 1,000 ETH holders have been tracking and plotting to acquire SHIB.
Why are Ethereum Whales so invested in SHIB tokens?
Over the past week, Shiba Inu’s trading sharply rose by about 45% to become one of the biggest gainers in this crypto bear market. This overwhelming bullish price rally triggered SHIB to retain the position as the largest-held cryptocurrency for the top 100 Ethereum whales. Around 14.48% of their holdings comprise SHIB tokens, directly enhancing the profitability of the meme coin. Even though the USD Coin remains the top priority for the whales, SHIB has managed to acquire the second position, finally triggering the crypto’s real-life utility and market dominance.
There are several reasons why ETH whales are stocking up on Shiba Inu tokens. One of the major reasons is its growing utility. The crypto’s developers have been working quite intensely to meet the investors’ demands and launched the ShibaSwap. It is a decentralized exchange that already has over US$1 billion of liquidity locked. The exchange also offers the ‘Bury and Dig’ feature, which basically refers to the term used on the platform to provide liquidity.
Besides, the recent launch of the Shibarium network has been operating quite effectively for several weeks now and is currently undergoing a development phase. The launch of the Shibarium Public Beta TestNet would enable network interaction for users, including the validation process. Shiba Inu’s community-based Twitter handle, Shibalnuart claims that the network’s deployment would enhance its performance, usability optimization, and other functionalities.
At the moment, all eyes are on the Shiba Inu ecosystem. Developers have already provided a sneak peek at the Shiba Inu metaverse, known as the ‘Shivers’. The investors have completely planned the entire development and growth phase of the crypto. Hence, ETH whales are finding SHIB quite alluring amid tumultuous market conditions. Experts believe that if the token successfully keeps up with this momentum, then it might eventually end up taking over DOGE, and not just for a brief period of time.
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