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Shiba Inu Becomes 3rd Largest Holding Among Ethereum Whales

Thu, 12/16/2021 - 11:51
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Arman Shirinyan
Shiba loses its leading positions and drops to 3rd place
Shiba Inu Becomes 3rd Largest Holding Among Ethereum Whales
Cover image via stock.adobe.com

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While Shiba Inu beats another anti-record in daily volatility, it has lost its previously gained first place among the largest whales holdings. As for now, the memetoken's dominance stays at 5.9%.

Shib drops to third place

At press time, Shib has lost its second place among the largest holdings among Ethereum whales, and it is now in third place with 5.9% dominance, while its next opposition remains the large position of "other tokens."

Shiba Daily Chart
Source: TradingView

According to market data, whales own more than $14 billion worth of various smaller tokens that cannot be properly tracked. The new token that easily overthrew Shib was recently airdropped in large quantities.

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While Shiba Inu is losing its dominance percentage-wise, the value of whale holdings remains the same and is not decreasing. The USD value indicates that while large wallets are not purchasing more Shiba Inu tokens, they are also not selling their previous holdings.

Volatility reaches new lows

Though Shib's market performance remains neutral, with the token neither gaining nor losing value, its volatility has dropped significantly in the last few days. The reason may be a drop in interest from investors due to questionable market performance.

WhaleStats data
Source: WhaleStats

Previously, whales were actively buying the token during its correction to current prices but, unfortunately, the strong buying power was not able to fuel another rally for the memetoken and SHIB reached a 60% loss.

At press time, SHIB's daily volatility is at approximately 2%, which correlates with extremely low trading volumes. Price-wise, Shiba Inu has lost 3% of its previously gained value this week while gaining 13% on Dec. 12 before a 10% retrace right after.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.