With the bear market coming into full bloom, Ethereum whales are stacking up their holdings. However, there has been some deviation from the norm as new coins seem to have caught the fancy of these large investors. With meme coins continuing to make whales, the top 100 Ethereum whales remain bullish on them. The result has been some of the largest holdings of these whales now coming in the form of meme coins.
The top 10 holdings of the Ethereum whales are increasingly dominated by cryptocurrencies that would not be considered two years ago. The likes of Shiba Inu have been on the top of the list for the longest time and continue to maintain their position there. Given the success of SHIB in the market, it is no surprise that Ethereum whales are more bullish on meme coins, hence the increased support for dog-themed coins.
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So far, Shiba Inu remains the largest holding position by dollar value among these top whales, following behind ETH and USDC. The meme coin makes up 16.87% of the total holdings of the top 100 whales, coming in at a value of more than $546.9 million.
The next in line is a new entrant. ShibDoge has been in the space for a while but through all of the meme coin craze has been one of the many that made up the noise. However, as the bear market has continued, ShibDoge has emerged as one of the unlikely winners of the winter.
ETH trending above $1,100 | Source: ETHUSD on TradingView.com
Ethereum whales have been increasing their holdings in the meme coin and at the time of this writing, ShibDoge makes up 11.62% of their holdings at a dollar value of $376,780,896. This makes it the fourth-largest holding behind Shiba Inu.
The meme coins made a splash throughout 2021 and into 2022. They continue to curry favor from cryptocurrency investors and are still at the forefront of discussions. However, their profitability leaves a lot to be desired after the market crash that rocked the space back in June.
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Currently, the profitability margin for coins like Shiba Inu is down tremendously. Data from IntoTheBlock shows that only 24% of all invested in SHIB are seeing profits. This means that the larger majority, 73%, are all holding bags of losses.
Dogecoin is also one of the meme coins that has seen profitability decline. Although the majority of holders are still in profit, it is only by a small margin given that 51% of all investors are in profit. As for ShibDoge, data from Coinmarketcap shows that the meme coin is down 94.59% from its all-time high back in May 2022. This shows that despite meme coins still being popular, investors are not seeing a large margin of profitability.
Featured image from OKX, chart from TradingView.com
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