Shiba Inu has always been a favorite of the largest Ethereum whales and it seems that sentiment has not changed. When it comes to the largest token holdings among these large investors, Shiba Inu continues to play a prominent role.

Shiba Inu Making Up Almost 12% Of Token Holdings

The top 100 largest Ethereum whales are some of the biggest investors in the crypto world and their diversifications are often just as impressive as their ETH holdings. Among these tokens held by these whales, stablecoins are prominent but Shiba Inu continues to leave up to the task.

According to data from whale tracking website WhaleStats, SHIB is currently the third-largest token holdings for these top 100 ETH whales. The meme coin comes behind the likes of stablecoins USDC and USDT, making it the largest non-stablecoin token holding for the whales.

SHIB currently makes up 11.94% of the total token holdings for these whales with USDC and USDT sitting at 15.67% and 14.03%, respectively. In total, their holdings are worth over $601 million, making it one of the highest levels it has been in the last year.

This figure puts SHIB ahead of the likes of stETH and MATIC, both of which have been incredibly popular among large investors. Shiba Inu is also listed as the most-traded token among these investors, although Uniswap’s UNI emerged as the most widely held token.

Can SHIB Recover?

One thing that has held Shiba Inu back in recent times is the fact that the meme coin seems to be in free fall. Even when rivals such as Dogecoin (DOGE) and Pepe Coin (PEPE) have seen remarkable recoveries, SHIB remained stagnant.

This constant fall in price has seen the vast majority of the altcoin’s holders being in loss currently, further giving steam to its bear trend. IntoTheBlock’s data show only 13% of SHIB holders in profit with an alarming 81% sitting in loss.

Since the majority of SHIB holders are long-term holders who have held for more than a year, it would mean that SHIB would have to return to yearly highs to put the majority of investors back in profit. However, low momentum, as evidenced by the 34% fall in its daily trading volume, indicates that there will be no such positive movement for SHIB, especially in the short term. So investors should expect the bear trend to stretch out further.

SHIB is currently trading at $0.00000788, up 0.79% in the last 24 hours. With its market cap sitting at $4.6 billion, the meme coin is now the 17th-largest cryptocurrency in the space.