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Shiba Inu Remains Top Holding in Whale Wallets After Market Drops by 25%

Sat, 12/04/2021 - 14:48
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Arman Shirinyan
While most traders are selling their holdings amid cryptocurrency market correction, SHIB remains one of the strongest positions on whale-tier addresses
Shiba Inu Remains Top Holding in Whale Wallets After Market Drops by 25%
Cover image via stock.adobe.com

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Shiba Inu meme token has been the most popular token among whales during both local bull and bear cycles on the cryptocurrency market. With the current bloodbath continuing on both the Bitcoin and altcoins markets, Shiba maintains its strong place on whale-tier addresses, according to WhaleStats.

Whale wallet holdings

According to the total whale holdings in the 1,000 largest Ethereum wallets, Shiba Inu still remains the largest position among whales with $2 billion worth of tokens held currently. While the USD value of holdings remains the same, the percentage (or the dominance) among whales has decreased significantly.

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At press time, Shiba Inu holdings remain at 8% dominance, while "Other" smaller tokens account for 7.89% of all holdings coming closer to the dog-based meme coin.

Market performance

Unfortunately for its investors, Shiba Inu did not become a safe haven asset and lost approximately 15% of its value. Compared to the market in general, SHIB token was in the middle of the biggest losers leaderboard, sitting with tokens and coins like Doge, Ethereum and Avax.

Shiba Inu Daily Chart
Source: TradingView.com 

After a strong correction, Shiba Inu now remains at a total loss of 66% from its last peak. At the beginning of the week, a rapid and unexpected rally was initiated on the market, which led to a 40% short-term pump of the token's price.

At press time, SHIB token trades at $0.00003453, with 15% negative performance now and 26% minimum.

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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.