Whales are usually the ones who manage the trends in the markets by moving their large-capital wallets between cryptocurrencies. In the altcoin market, a high percentage of whales is generally considered good for a coin, as there is no selling pressure at the beginning of each rally. In the case of the Shiba Inu, whales hold almost 50 trillion tokens, according to analyst Arman Shirinyan. We take a look at what this means for Shiba Inu investors.
Whales crossing from Shiba to Tether
With the number of wallets in the Shiba Inu network approaching 1 million, some whales are divesting their capital and “switching to Tether”. However, according to general market activity, the reason why whales are exiting their positions is the general cryptocurrency market correction rather than Shib’s performance.
Alongside some of the big investors coming out of the Shiba Inu market, there are also some whales looking to join the meme token boom with around 1,000% growth this year. cryptocoin.com As we reported, a number of anonymous whale wallets had previously withdrawn $36 million worth of Shiba Inu tokens. Currently, the top 1,000 Ethereum wallets are known to hold 48.8 trillion Shiba Inu, which is around 400% of the current daily transaction volume. At the same time, whales are looking forward to selling, as no large sell orders are tracked on any exchange.
Social volume remains strong despite altcoin price depreciation
The Shiba Inu lost more than 50% of its value and fell below $0.0004 and is now trading at $0.00003834 after losing another 9.82% of the price. But according to the community activity around the meme token, it seems like many market participants don’t want to overtake the Shiba Inu as social volume has remained average since its last ATH.
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