- SHIB’s current price might be attracting ETH whales after the meme coin dropped by around 70%.
- Large investors may be expecting high Shiba Inu adoption.
- Shiba Inu could be attracting whales because of its metaverse opportunity.
Crypto participants usually want to take note whenever large investors are purchasing assets. Cryptocurrency whales are investors with massive crypto holdings. It might not be surprising that Ethereum has multiple whales since it is the 2nd-largest crypto in market capitalization.
What might surprise you is that ETH whale wallets are purchasing another token. WhaleStats data shows most of the top 1000 Ether holders have been accumulating SHIB. Why? Here are potential reasons.
One of the reasons why ETH whales are accumulating SHIB is that the meme coin is available at a more attractive price. Shiba Inu has lost over 70% within the last three months. The canine-themed token explores value levels never touched since 2021 October.
Indeed, Ethereum has plunged also. Nevertheless, a roughly 40% decline within 90 days is not as steep as SHIB’s. Meanwhile, Ethereum wallets have owned massive SHIB tokens before. In October, an ETH whale purchased 277 billion Shiba Inu coins. Furthermore, ETH’s CEO Vitalik Buterin has the highest SHIB position in his dead wallet.
Wider Adoption Expectation
Large wallet investors would not prefer SHIB if they do not think the token may surge significantly with time. One factor supporting the optimism is the expectation that SHIB might witness more adoption. However, are these expectations realistic?
Firstly, Robinhood may decide to list the coin. Nevertheless, the Robinhood team has publicly denied the urgency to list more tokens. However, it might not be surprising if the trading platform adds SHIB this year.
Also, the anticipated Shibarium layer2 solution launch might trigger wider Shiba Inu adoption. Shibarium will lead to reduced transaction fees for SHIB.
ETH investors may also be optimistic about the metaverse opportunity by Shiba Inu. The meme coin missed the latest frenzied gaming coins investment. Though SHIB may be late for the party, online gaming seems to be here for long.
SHIB Games employed the renowned game developer William Volk to facilitate its multi-player game development. It also welcomed AAA studio, a world-leading gaming developer company. Moreover, Shiba Inu plans to introduce ‘Shibaverse.’