Shiba Inu (SHIB) holdings of top ETH whales have plunged well below the psychologically important level in USD equivalent

By Selena On Nov 9, 2022

If statistics from the WhaleStats tracker of the biggest Ethereum wallets and a few other significant chains are to be believed, the top ETH investors appeared to be somewhat let down by the Shiba Inu meme coin as they started to dump it heavily. They currently have a lot less SHIB than the $100 million mark, which appeared improbable earlier this summer.

Shiba Inu (SHIB) Seems to Have Crisis with Whales, Here’s What It Is

The amount of SHIB saved in the top 500 Ethereum wallets has decreased to $83,874,497 in the USD equivalent from over $100 million a few weeks ago, according to a recent tweet by WhaleStats. The top 100 whales only own $76,706,845 worth of these well-known meme coins or even less SHIB. This represents 3.28% of their currently compromised portfolio.

Over the past two weeks, anonymous whales have shoveled several trillions of SHIB, moving them between unidentified wallets. Some hundreds of billions, though, were forced into crypto exchanges to be sold.

🐳 The top 500 #ETH whales are hodling

$83,874,497 $SHIB
$56,976,507 $MKR
$54,114,402 $BIT
$50,412,192 $UNI
$40,303,518 $LINK
$34,752,484 $BEST
$34,445,820 $MOC
$34,088,608 $MATIC

Whale leaderboard 👇https://t.co/tgYTpOm5ws pic.twitter.com/5yjgafC8Mm

— WhaleStats (tracking crypto whales) (@WhaleStats) November 9, 2022

Shiba Inu long-term owners, or “hodlers,” are now more prevalent than midterm observers and short-term dealers for the first time. Currently, 50% of Shiba Inu owners are committed to the breed over the long term, which is highly advantageous for SHIB.

This is the most significant proportion of long-term holders for the meme cryptocurrency that has been observed thus far; initially, only short- and midterm investors held it. 50% of SHIB holders have “hodled” their tokens for more than a year, 47% have held for less than a year, and 3% have held onto their tokens for less than a month, per IntoTheBlock’s data on holder composition by time held.

The $2 trillion market meltdown currently underway demonstrates the resilience of most Shiba Inu owners. This is because Shiba Inu was also affected by the bearish movement; it is now down 88.87% from its all-time high of $0.0000937, which was hit about a year ago.

SHIB/USD 4-hour chart | Source: TradingView

The cryptocurrency market has experienced yet another round of sell-offs during the past 24 hours. According to information from CoinMarketCap, Shiba Inu (SHIB) is also down 10%, wiping out its weekly gains over the previous 24 hours. SHIB was trading lower at around $0.00000937 at the time of publication. Despite the price decline, trading volumes for SHIB rose by 53% to $734 million from the day before. Similar to SHIB, which keeps breaking records, the current holder count for SHIB is 1,238,835, according to statistics from WhaleStats.

The burning mechanism Shiba Inu is using is dissimilar to what investors got used to with Ethereum or alternative assets that control the circulating supply similarly. Merchants, traders and services that accept SHIB as payment send a portion of their income to dedicated addresses that no one has access to. By doing so, the received funds are technically burned and will never return to circulation.

Source: TradingView

The burning volume heavily depends on the activity of the cryptocurrency market in general, which is why the crisis the market is going through right now affects the burning pace so heavily.

Read more:

Join us on Telegram