Loss followed profit-taking by large SHIB token holders
After three consecutive days of defeat, the Shiba Inu was again in the red mark on Friday. The losses came after large SHIB token holders took profits as the crypto market risk-off.
According to on-chain data, several wallets with significant holdings have been reducing their SHIB positions recently, possibly due to profit-taking. The main culprits here seem to be the “investors,” who, according to IntoTheBlock, are addresses that own between 0.1% and 1% of the SHIB circulating supply. The Shiba Inu circulating supply is around 549 billion. This metric indicates addresses that hold a reasonably large position in this crypto.
IntoTheBlock provides a distinction between this category and whales, which are addresses that hold more than 1% of the Shiba Inu’s circulating supply and are thus large “investors”. Meanwhile, retail refers to an address other than these two.
Using the ownership indicator from IntoTheBlock, the last few days of the Shiba Inu price drop have seen a shift toward retail addresses.
On August 14, the day the Shiba Inu increased in price by 36%, retail addresses had a balance of 188.87 trillion SHIB, while 114.38 trillion was near the “investor” category, and whales had 680.07 trillion SHIB.
On Aug. 18, when Shiba Inu’s price fell further, retail now held a balance of 190.09 trillion SHIB, marking an increase of over 2 trillion SHIB for this category of holders. The balance held by ”investors” was 112.7 trillion SHIB, a decrease of over 2 trillion SHIB, while whales held a slightly higher balance of 680.53 trillion SHIB.
This demonstrated that the Shiba Inu being dumped by these large holders, or “investors”, was picked up by the smaller holders or retail addresses that took the plunge.
Shiba Inu trading volume is up 27%
Despite the drop seen in SHIB’s price, its 24-hour trading volume was up 27.89%, as CoinMarketCap’s data shows.
Trading volume is one of the most important metrics for SHIB as a spike in trading volume could show that investor interest in the meme cryptocurrency remains intact.
SHIB was down 10.76% at $0.000013 at press time.
