Main navigation

Shiba Inu Whales Added 42% More SHIB to Their Wallets in Last 24 Hours

News
Mon, 11/29/2021 - 11:15
article image
Arman Shirinyan
Whales have added even more Shib to their balances, but the trading volume does not seem to be reacting positively
Shiba Inu Whales Added 42% More SHIB to Their Wallets in Last 24 Hours
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

The "Black Friday Sale" is now over, while major altcoins and Bitcoin are recovering back to their pre-dump positions, including smaller alts like Shiba Inu that faced large buying power from whale-tier accounts, according to WhaleStats.

Average SHIB balance

The average balance of tokens in a wallet is a signal of overall sentiment toward the asset by large holders like the ones presented in the tracker. The website also excludes exchange wallets and projects to show a more accurate representation of funds distribution.

According to the data, the top 1,000 of the largest Ethereum wallets now hold 42% more tokens than previously. The total average SHIB balance now remains at 2.5 billion Shiba Inu tokens.

Shiba Inu Data
Source: WhaleStats

Previously, whales have shown more buying activity of the token on various exchanges. Unfortunately, the increased buying power could not impact the price of the asset significantly.

Shiba Inu is now trading with record-low volatility by remaining at the same price level for three days at approximately $0.000039.

Trading volume plunges

While the SHIB average balance on whale-tier addresses has increased significantly, the trading volume that is mostly provided by retail SHIB traders has decreased drastically by 36%.

Related
SHIB Soars 30%, Reaching 1 Million Holders, Dogecoin Shorts Hit ATH, 60 Million XRP Moved Between Exchanges: Crypto News Digest by U.Today

The reasons behind it are most likely tied to both a cryptocurrency market correction and extremely low volatility on SHIB/USD trading pairs. Shib's spike in popularity was followed by remarkably high daily volatility that has reached 70%.

With a volatility drop to an average of 10% and a 60 percent price correction, the majority of retail traders have dropped Shiba Inu and moved their funds into other popular tokens or coins while trying to catch more volatile swings.

article image
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.