Things continue to look ambiguous for the popular meme-inspired cryptocurrency, Shiba Inu (SHIB). From one point of view, it is a so-called "nothing burger," as literally nothing is happening on the price chart of SHIB nor behind the scenes in the on-chain realm.
However, a different angle opens up an intriguing-yet-depressing statistic, as the key metric for the Shiba Inu token experienced a 99.28% drop over the course of the last seven days. The metric in question is the Large Holders Netflow presented by IntoTheBlock, which tracks the amount of meme cryptocurrency flowing into wallets that hold no less than 0.1% of the SHIB supply in circulation.
Arman Shirinyan
A week ago today, the volume of Shiba Inu tokens absorbed by the wealthiest investors was literally trillions. Fast forward to Dec. 30, and it is not even six billion SHIB, which translates to just $132,000 in dollars.
What happened?
While the exact reason why the whales abandoned the Shiba Inu ship is unknown, the answer may be found in the extreme correlation of the cryptocurrency market with traditional finance. With the launch of several Bitcoin and Ethereum ETFs this year, crypto has become more correlated to TradFi than ever before.
Yuri MolchanAs a result, when traders close their desks and say goodbye to the holidays, volumes on the crypto market also drop. This may have happened with SHIB as well, and if that is true, no significant price movement or whale activity is expected at the moment.
When everyone gets back to work, though, we may see some volatility again, which in turn will be caused by the same whales coming back to the market.
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