For the longest time, the meme coin Shiba Inu (SHIB) had been an Ethereum whale favorite. This support was driven by the rapid growth of the cryptocurrency that netted some of these whales millions of dollars in profit. However, with the crypto winter, SHIB has suffered one of the worst declines, causing Ethereum whales to move away from the meme coin.
Shiba Inu Falling Out Of Favor
At one point, the Shiba Inu holdings of the top 5,000 largest Ethereum whales had reached as high as $1 billion at its peak. Since then, there has been a steady decline in the price of the digital asset and the whales have exited a good portion of their positions over time.
Even at a time when Ethereum whales were reducing their SHIB holdings, the meme coin had managed to feature in their top 10 holdings by dollar value. That is until now when the largest ETH whale holdings no longer feature SHIB.
These whales who hold an average of $8.4 million worth…
