Shiba Inu now loses its position in whale wallets following aggravation of bear trend on market
The largest address in the Ethereum network successfully survived the third strongest correction in the cryptocurrency market in 2021 without losing the majority of its funds, but according to tracking service WhaleStats, some large addresses have decided to go. get rid of Shiba Inu by losing $ 400 million. of tokens on buyers.
Though whales have sold approximately $400 million of their Shiba Inu token holdings, the meme token still occupies the majority of the tokens on their addresses, with USDC stablecoin the closest competitor.
Shiba Inu market performance
A sharp decline was most likely followed by the bear cycle in the current market and the market performance of SHIB. According to TradingView, Shiba Inu has been losing value since reaching the previous ATH.
Shiba has dropped by 62% since its highest value tracked on the market. While the token has attempted to initiate a new growth cycle, it failed to do so due to the absence of buying power from retail traders, who are fueling rallies in the middle phase.
According to trading and trading volume indicators, retail traders are abandoning Shiba Inu and turning to other cryptocurrencies. Whales are responsible for the majority of the purchasing power in the market, according to WhaleStats. Since SHIB’s ATH, whales have continuously purchased the asset after each major dip.
How whale trends change
With the aggravation of the bear trend on the cryptocurrency market, whales tend to shift their holdings into stablecoins or large caps that are exposed to strong volatility spikes, which is not the case with smaller altcoins.
But at the same time, Shiba was previously one of the top performers on the market. While altcoins like Doge and Avax lost around 20-25% of their value, Shib was trading at a daily loss of 15%.
