Shiba whales currently have 48 trillion tokens, and that could be a good thing for the market
Whales are generally individuals who manage trends in the markets by moving their large chunks of capital to one room or another. In the cryptocurrency industry, the high percentage of whales has generally been considered good for a coin due to the lack of selling pressure at the start of each rally. In the case of Shiba Inu tokens, whales own nearly 50,000 billion tokens. Here’s what that means for the token.
With the number of holders of the Shiba Inu network approaching even more than a million holders, some whales abandon their possessions and “get attached”. But according to general market activity, the reason the whales left their positions is the general correction in the cryptocurrency market rather than the performance of Shib.
New registration: $ SHIB reaches an astonishing 995,000+ holders.
Current number of incumbents: 995,093
– WhaleStats – Ethereum’s Top 1000 Rich List (@WhaleStats) 23 November 2021
Besides a few big investors leaving the Shiba Inu market, there are still whales that are ready to enter the token, at around 1000% growth this year. Previously, U.Today reported that an anonymous wallet had withdrawn $ 36 million in Shiba Inu tokens.
Currently, the 1000 largest Ethereum wallets hold 48.8 trillion Shiba Inu tokens, which is roughly 400% of the current daily trading volume. At the same time, the whales are not eager to sell because no large sell orders have been followed on any stock exchange.
Shiba Inu lost over 50% of its value and fell below $ 0.00004, now trading at $ 0.000039 after losing an additional 6% of the price. But depending on community activity around the coin, many market players are unwilling to abandon the coin, with social volume remaining average since the ATH of the most recent token.