Data from market intelligence platform intotheblock It turns out that Shiba Inu Whale have been selling their holdings in the last 30 days. This development is likely due to several factors, including the unimpressive price action of the meme coin in recent times.
Shiba Inu whales reduce their holdings
data IntoTheBock reveals that Shiba Inu Whale have reduced their holdings in the last 30 days. Specifically, investors holding between $100,000 and $1 million worth of SHIB have seen their holdings fall by more than 6%. Moreover, whales holding between $1 million to $10 million SHIB and $10 million Shiba Inu tokens have seen their holdings fall by more than 3% and 7%, respectively.
This bearish sentiment Shiba Inu Whale This number has increased further in the last seven days, because Net inflows from large holders has declined by more than 670%. The decline in this metric suggests that these investors are selling their tokens rather than accumulating more tokens. Meanwhile, it is also worth noting that large transactions have declined by about 5%
Shiba Inu Ineffective price action This can be counted as one of the reasons why these whales are selling their tokens. Second Largest Meme Coin It has declined by more than 7% and 14% in the last seven and thirty days, respectively. While the meme coin’s decline can be attributed to Bitcoin’s drop, it is worth noting that Shiba Inu has sometimes failed to recover even when the flagship crypto recovered.
These whales are believed to be cutting their losses, as Shiba Inu is still at risk of further decline. Data from IntoTheBlock shows that most of SHIB’s existing holders have bought the meme coin, while it was above $0.00002So it’s understandable that these investors would want to apply risk management, given how far the meme coin is from that price level.
SHIB adoption has stabilized
data IntoTheBlock reveals that Adopting a Shiba Inu It has remained stable for some time now. This means that the meme coin is no longer seeing new investors coming in like before. This is undoubtedly worrying, given how it happened Category of investors This helps bring in new money and increase value.
Shiba Inu appears to be suffering the same fate as Dogecoin. Network Activity The number of new addresses has also declined, with the number of new addresses remaining stable for the past three months. One possible explanation is that meme coin traders currently prefer the new meme coins as they are likely to give them higher returns than Dogecoin or Shiba Inu.
According to crypto analyst Altcoin Sherpa notedMajor cap meme coins like Dogecoin and Shiba Inu will only register some price increase in this bull run and are only suitable for whales who can invest a large amount. This suggests that 73% of the Shiba Inu supply is currently concentrated in the hands of these whales.
At the time of writing, Shiba Inu is trading at around $0.00001412, up over 6% in the last 24 hours, data From CoinMarketCap.
Featured image created by Dall.E, chart taken from Tradingview.com
