Shiba Inu has not been having a smooth month, just like the rest of the market. The meme token had attempted to make a bullish run earlier on, with an 8% price gain. However, it has since slumped, heading towards new lows.
SHIB is not only losing in terms of value, but it has also lost its top position among large Ethereum wallets. Data from WhaleStats shows that Shiba Inu now ranks second among the largest Ethereum wallets.
SHIB whales decline
Currently, SHIB is sitting at a value almost 60% less than its all-time high achieved two months ago. Now, the net worth of SHIB tokens held by whale addresses has dropped significantly, and SHIB whales now take second place.
The first position belongs to the “Other tokens” category. This shows that whales are diversifying their portfolios, and not focusing on any single token.
The dominance of SHIB among whale addresses sits at 7.2%. The other tokens in the top position take up 7.5%. This is a slight but significant dip, as the meme token held the top position for quite a while. Nevertheless, SHIB is only 2% behind FTX, taking the third position.
SHIB’s price action attributed to the decline
One of the reasons attributed to this drop is the declining market value of the SHIB token. As aforementioned, Shiba Inu has fallen by almost 60% from its all-time high. The price dips have weakened the buyer support, and whales are no longer fueling another bullish rally.
While there are still whale addresses that are yet to sell their holdings, the net worth of their holdings has dropped because of the decreasing prices. The networth of these whale addresses has dropped from $2.1 billion to around $1.7 billion.
Moreover, the SHIB dips come when the broader market is also losing. Investors are refraining from investing in any volatile assets to avoid a risk of further losses. Most investors have stored their assets in stablecoins as a form of precaution.
Moreover, SHIB is not the only cryptocurrency that has made notable losses in the recent bear cycle. Over the past month, Dogecoin has dropped by around 36%, and it has fallen by 77% from its all-time high of $0.73.
The other token that has registered major dips is Solana. Solana has dropped by over 35% from the ATH of $259 recorded last month.
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