While traders are selling, Shiba Inu (SHIB) remains one of the strongest positions on whale-tier addresses
Shiba Inu (SHIB) is the most popular token being hoarded by whales in the market. With the current bloodbath in the Bitcoin and altcoin markets, SHIB maintains its strong position on whale-grade addresses.
Shiba Inu (SHIB) remains top holding in whale wallets
By the total number of whales held in the 1,000 largest Ethereum wallets, Shiba Inu (SHIB) still holds the largest position among whales, with the current $2 billion worth of tokens held. While the value of USD holdings has remained the same, the percentage (or dominance) among whales has decreased significantly.
At the time of writing, Shiba Inu holdings remain at 8% dominance, while smaller tokens account for 7.89% of all holdings that come closer to this coin meme. Even so, SHIB failed to become a safe-haven asset and lost about 15% of its value. Compared to the market as a whole, SHIB is in the middle of the chart with the most declines, along with DOGE, ETH, and AVAX.
After a sharp correction, SHIB is still down 66% from its last peak. At the beginning of the week, a quick and unexpected rally was initiated in the market, which resulted in a 40% short-term pump.
SHIB/USD 4-hour chart | Source: TradingView
At press time, SHIB is changing hands at $0.0000378.
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