After the correction in the cryptocurrency market on November 15, which wiped out 15% from most altcoins, the balances in the Ethereum network are changing. Shiba Inu is the crypto currency in which the migration started in whales and individual wallets. Here are the details…
Shiba Inu dominance drops 4% on Ethereum network
Shiba Inu has reached 18% of the total ERC-20 token ownership of the 1,000 largest wallets on the Ethereum network, according to data from on-chain analytics firm WhaleStat. Previously, over 22% of total assets in whale wallets were in Shiba Inu tokens. Since the last decline, the rate has decreased by about 4% to 18%.
Whales are now exiting Ethereum and focusing on different altcoins like Chainlink or BitPanda token. At the same time, it is seen that they turn to fiat currencies at a rate of about 7% to avoid the 15% corrections that are considered normal in the cryptocurrency market. According to the data, the common preference of whales is the Elon meme token, which has gathered the most purchasing power in the last 24 hours. The largest position in USD remains the Shiba Inu token, which for now has lost around 50% of its value from ATH.
Also, SHIB’s closest non-fiat currency competitor is Crypto.com’s native token, CRO, which has been in the spotlight with multiple bombshells recently. CRO has achieved 6.5% dominance among Ethereum whales. But at the same time, the GALA token was the most purchased token among whales after USDT and Ethereum, with an average purchase amount of $47,000.
At the time of writing, SHIB is trading at $0.00004477 with a 1.26% loss in the last 24 hours. cryptocoin.com As we reported in our analysis, AVAX grew by 126% in November and pushed Shiba out of the top 10. SHIB is currently trading at 12th, down 16% week on week.
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