With the bear market in full swing, Ethereum whales are stockpiling their holdings. However, there has been some departure from the usual, as new coins appear to have piqued the interest of these huge investors. The top 100 Ethereum whales remain positive on meme coins, which continue to generate whales. As a result, some of these whales’ largest holdings are now in the form of meme coins.
The top ten Ethereum whale holdings are increasingly controlled by cryptocurrencies that would not have been regarded two years ago. Shiba Inu has remained at the top of the list for the longest time and continue to hold that position. Given the market success of SHIB, it is not surprising that Ethereum whales are increasingly positive about meme coins, resulting in increased support for dog-themed coins.
So far, Shiba Inu has the highest dollar value holding position among these top whales, trailing only ETH and USDC. The meme coin accounts for 16.87 percent of the top 100 whales’ total holdings, valued at more than $546.9 million.
The following person in line is a newcomer. ShibDoge has been in the space for a while but has been one of several that made up the noise during the meme coin mania. However, as the bear market has persisted, ShibDoge has emerged as one of the winter’s surprise victors.
Ethereum whales have been expanding their holdings in the meme coin, and at the time of writing, ShibDoge accounts for 11.62 percent of their total holdings, valued at $376,780,896 USD. It is now the fourth-largest holding, trailing only Shiba Inu.
The profitability of meme coins is declining.
The meme coins made a big impression in 2021 and 2022. They are still popular among bitcoin investors and are at the forefront of conversations. However, their profitability has suffered as a result of the market crisis that shook the space in June.
The profitability margin for coins like Shiba Inu is now quite low. According to IntoTheBlock data, only 24% of all SHIB investments are profitable. This indicates that the vast majority, 73 percent, are all carrying losses.
Dogecoin is another joke coin whose profitability has declined. Although the majority of holders are still profitable, it is by a narrow margin given that 51% of all investors are profitable. ShibDoge, on the other hand, is down 94.59 percent from its all-time high in May 2022, according to Coinmarketcap data. This demonstrates that, despite the fact that meme coins remain popular, investors are not getting a high-profit margin.