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Shiba Inu Loses 12% of Its Dominance Among Whale-Tier Addresses

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Fri, 12/03/2021 - 09:32
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Arman Shirinyan
Shiba Inu tends to lose its previous dominance among whales, while two other industries are on the rise
Shiba Inu Loses 12% of Its Dominance Among Whale-Tier Addresses
Cover image via stock.adobe.com

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Contents

Memetoken Shiba Inu is, unfortunately, losing a major part of its dominance among the 1,000 largest Ethereum wallets. The trend was aggravated after SHIB lost 12% of its market value due to a local reversal.

Funds redistribution

While the GameFi industry overtakes the bull trend on the market, memecoins and tokens like Shiba Inu are entering a long-term range-bound phase, or even bear trend, which then leads to a loss of capitalization and market value.

WhaleStats Data
Source: WhaleStats

Dominance among various assets can usually be considered a trend indicator. With the percentage measure dominance dropping, whales usually redistribute their funds to different assets. Since the market is currently bending toward GameFi and Metaverse tokens, whales are moving their funds into those areas.

Total holdings USD value

Even though the holdings percentage for Shiba Inu dropped from approximately 20% to 8%, the USD value of all holdings still remains at approximately $2 billion, facing a 10% decrease, which was mostly caused by the price drop of SHIB.

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Whales are most likely holding the same amount of tokens but, at the same time, not increasing their positions significantly. This could be tied to the questionable performance of the token on the cryptocurrency market.

According to the total holdings, whales are now mostly holding "other tokens," which are smaller altcoins and tokens with relatively low capitalization that cannot be tracked.

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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.