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Shiba Inu Dominance Reaches 21% Among Whale-Tier Holders

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Thu, 11/18/2021 - 15:14
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Arman Shirinyan
While Shiba Inu is not showing the most impressive market performance, its fundamental background remains strong
Shiba Inu Dominance Reaches 21% Among Whale-Tier Holders
Cover image via stock.adobe.com

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While Shiba Inu's market performance leaves much to be desired, background on-chain and market data suggest that large investors are still interested in purchasing some tokens for their portfolios, according to Whalestats.

The service tracks the holdings of the 1,000 largest Ethereum addresses holding Erc-20 tokens. Previously, U.Today reported that Shiba Inu regained its place among the most popular holdings in large wallets. Now, whales have decided to increase their position in the meme-based tokens.

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Total holdings of all tokens have been redistributed, and Shiba Inu has gained additional dominance compared to previous periods. Now, 21% of the biggest wallets hold Shiba Inu, compared to 17% yesterday.

Shiba Inu remains in the top five most-purchased tokens in a 30-day period with $1.3 million of the average purchase amount and 23.5 billion of the average token quantity.

At press time, Shiba trades with a 6.4% daily loss, previously losing an additional 10% of its value on Nov. 16.

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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.