Shiba Inu now loses its position in whale wallets following aggravation of bear trend on market

By Selena On Dec 6, 2021

According to WhaleStats, Shiba Inu (SHIB) and Chainlink (LINK) are among the top 20 most purchased tokens in the past 24 hours. Still, some large addresses decided to get rid of SHIB by dropping $400 million worth of tokens on buyers.

Shiba Inu whales dumped $400 million on the market in the last 24 hours

Bitcoin and most altcoins had a significant price dip on December 4, with massive liquidations seen in derivatives markets. Likewise, market sentiment is presently at ”Extreme Fear” as indicated by the crypto fear and greed index.

Source: Whalestats

Though whales have sold approximately $400 million of their Shiba Inu token holdings, the meme token still occupies most of the tokens on their addresses, with USDC stablecoin the closest competitor.

As you can see, SHIB and LINK are among the top 10 bought tokens in 24 hours. This may indicate that the meme coin holders are not going to give up on it despite the market’s volatility.

SHIB has dropped 62% since its peak value was tracked in the market. While the token attempted to start a new bull cycle, it failed to do so due to a lack of purchasing power from retail traders who were fueling the mid-phase rallies. . A strong sell-off is most likely to be followed by a bear market in the current market and SHIB’s market performance. According to TradingView, SHIB has depreciated since hitting its previous ATH level.

SHIB/USD 4-hour chart | Source: TradingView

At the time of writing, SHIB is changing hands at $0.000034. But Shiba was formerly one of the strongest performers on the market. While altcoins like DOGE and AVAX are losing about 20-25% of their value, SHIB is trading daily with a 15% loss.

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