Shiba Inu falls out of favor with Ethereum whales, will this affect the SHIB price?

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For a very long time, the Shiba Inu (SHIB) meme coin had been a favorite of Ethereum whales. This support was prompted by the rapid growth of cryptocurrency which has brought some of these whales millions of dollars in profits. However, with the crypto winter, SHIB suffered one of the worst declines, forcing Ethereum whales away from the meme coin.

Shiba Inu falls out of favor

At one point, the Shiba Inu holdings of the top 5,000 Ethereum whales reached as much as $1 billion at its peak. Since then, there has been a steady decline in the price of the digital asset and whales have exited a good chunk of their positions over time.

Even at a time when Ethereum whales were reducing their SHIB holdings, the meme coin managed to make it into their top 10 holdings by dollar value. It is until now that the largest whale farms in ETH no longer feature SHIBs.

These whales who hold an average of $8.4 million worth of ETH replaced their top token holdings with the metaverse token MANA, which now represents 35.59% of the value of their token holdings, excluding ETH. Next is stETH which represents 34.21%, followed by ANT, representing 12.45%.

SHIB price in trouble at $0.0000085 | Source: SHIBUSD on TradingView.com Will this affect the SHIB price?

The price of Shiba Inus has already fallen by around 5% in the past 24 hours from the early hours of Friday, but this decline cannot be attributed to the coin even being eliminated from the top 10 Ethereum whale holdings. The broader crypto market had suffered similar losses, with bitcoin falling below $17,000.

Besides that, SHIB doesn’t seem to be doing too badly. The meme coin is now on the watchlists of over 1.8 million Coinmarketcap users, making it one of the highest. It is also the seventh most viewed cryptocurrency on the data aggregation website.

The community effort to burn as many SHIBs as possible to reduce supply is also underway. Over the past day, just over 14 million SHIB tokens have been burned, according to data from the Shibburn tracker. Currently, over 41% of total SHIB supply is now in burnt (dead) wallets.

Shiba Inu was changing hands at a price of $0.0000085 at the time of this writing. Currently the 16th largest cryptocurrency by market capitalization, the price of coins fell by 7.94% in the past week.

Featured image from Analytics Insight, chart from TradingView.com

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