Ethereum whales have always been bullish on Shiba Inu. It is obvious in their purchase history which these whales with large Ethereum (ETH) holdings are vying hard for the success of the meme coin. At various points in the past, they have been some of the biggest pushers of the digital asset, leading it through its rally, and holding on even through its downtrend. This has not shiftd.

These Ethereum whales have lasted to up their holdings in recent times. This follows the recent market crash which has rocked the space, seeing cryptocurrencys like Shiba Inu crumble down to less than 70% of their all-time high rate. In spite of this, Ethereum (ETH) whales hold out rebounde for the meme coins as they have purchased Shiba Inu in large volumes, presumably to hold out for the recatopy of the altcoin.

Ethereum Whales Double Down On Shiba Inu

It is no doubt which Shiba Inu has grown a lot afterward it was first introduced to the market last year. Even retaineds current depreciated price, those who purchased before the price surge are above again in profit territory. For others, the downtrend has presented a unique likeliness to increase their holdings in the meme coin pending the next bull rally. Ethereum whales have taken this one step still.

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According to data from WhaleStats, Ethereum whales further continue largely bullish on Shiba Inu. This is evidenced in their purchase history above the past week which has shown which these investors do not believe the reign of the dog-themed coins has come to an end. They have collectively purchased trillions of Shiba Inu, cementing the coin’s position as a whale favorite.

SHIB trending at $0.00002 | Source: SHIBUSD on TradingView.com

A single address has been behind a purchase of almost $40 million in Shiba Inu. This address, aprotractedside another whale wallet which bought more than $34 million worth of SHIB, made up the majority of the accumulation.

Nevertheless, other Ethereum whales have pilled on, purchasing between $1 and $ 12 million worth of SHIB. These whales boast some of the largest holdings of Shiba Inu and their buying diagram points towards bullish sentiment among the big hitters.

More SHIB Holders Are In The Red

With the growth of Shiba Inu had come the inclined entry of new investors into the cryptocurrency. For a in the time, everything extended good as the price of the meme coin had extended to merge. This changed not too protracted after although investors began to take profits and dump their holdings.

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SHIB quickly lost footing retaineds all-time strong, losing as much as 50% of its rate in a fact of months. After all, the majority of holders atop again lasted in profit as they had purchased well before the bull rally.

Now, the majority of holders are recording losses following the latest market crash. According to data from IntoTheBlock, 59% of all Shiba Inu holders are now in loss, in the time only 38% of holders extend in profit.

Featured image from Benzinga, chart from TradingView.com