Market intelligence tool IntoTheBlock recently released new data that shows a major trend among Shiba Inu whales: they have been selling more over the past month. Among other things, investors with between $100,000 and $1 million in SHIB have seen their shares drop by over 6%.
Whales who own between $1 million and $10 million in SHIB have seen their holdings drop by more than 3%. Whales who own $10 million in tokens have seen their holdings drop by 7%.In the past week, this bearish trend has gotten stronger, as shown by the dramatic 670% drop in netflow among significant holders.
This shows that people are selling tokens instead of buying more. Also, the number of major transactions has dropped by almost 5%.Shiba Inu’s recent poor price performance seems to be the main reason for this sell-off. In the last week, the meme coin’s value dropped by more than 7%. In the last month, it’s lost 14%.
Shiba Inu Struggles To Recover
Although Bitcoin’s value has gone down overall, Shiba Inu has had a hard time recovering, even when Bitcoin has shown signs of getting better.A lot of whales are also thought to be cutting their losses because Shiba Inus could still go down even more.
Most people who own SHIB now bought it when it was worth more than $0.00002, so they are hedging their bets since the price of the token is still much lower than that.Shiba Inu’s acceptance rate has also stayed the same, and there have been no new investors.
This is a bad sign for a coin whose price used to rise when new investors bought it. Trends like this have been seen in Dogecoin, where network activity and the growth of new addresses have also slowed down.
According to Altcoin Sherpa, a crypto expert, major meme coins like Shiba Inu and Dogecoin might only see small gains during the current bull run. These coins are better for major investors. This is clear from the fact that whales hold 73% of Shiba Inu’s food.
According to data from CoinMarketCap, Shiba Inu is now selling at about $0.00001412, which is a 6% rise in the last 24 hours.
