Shiba Inu (SHIB) whales continue to add even more SHIBs to their wallets, but trading volume continues to ‘react’ despite these trades.
With the end of the “Black Friday Sale”, according to WhaleStats, while major altcoins, especially Bitcoin, started to move their prices up again, small value altcoins such as Shiba Inu still could not bring their prices to the desired level.
“The average number of tokens held in a wallet is also an indication of the ‘general sentiment’ of whales tracked by the audience. WhaleStats it also does not include exchange wallets and projects wallets in its statistics to show a more accurate representation of fund allocation.”
According to the data, the top 1000 of the largest Ethereum wallets now hold 42% more tokens than before. total average SHIB balance currently stands at 2.5 billion Shiba Inu tokens.
Although whales’ interest in SHIB has increased, the SHIB market does not seem to be affected by this interest and has not had a significant impact on its price.
The Shiba Inu is currently trading at around $0.0000039 and has remained at the same price level for three days, with record low volatility.
Transaction Volume Is Not At The Desired Level
The average balance of SHIB over whale tier addresses increased significantly, while trading volume driven mostly by retail SHIB merchants decreased significantly by 36%.
The reasons behind this are most likely due to both the cryptocurrency market correction and the extremely low volatility in the SHIB/USD trading pairs. SHIB’s spike in popularity was followed by extremely high daily volatility reaching 70%.
With an average volatility drop of 10% and a price correction of 60%, most retail traders abandoned the Shiba Inu and moved their funds to other popular tokens or coins as they tried to catch the more volatile fluctuations.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.