The recent pullback of the popular meme coin Shiba Inu may have raised concerns in some trading communities, but analytics firm Watcher. Major cryptocurrency market players, also known as whales, don’t seem bothered by the recent price action, according to the guru.
Whales keep looting meme coins!
The average purchase amount of whale tier addresses reaches $1 million. The average amount of Shiba Inu purchased is over 20 billion SHIB. Whales are steadily accumulating more SHIB after each dive as of October 28. Another important result from the data is that Ethereum is the second most purchased cryptocurrency. The average ETH purchase amount is $176,000 or 39 ETH, respectively.
How do whales change the market?
The increasing number of whales can generally be considered a good sign for a cryptocurrency, as it is the big traders and investors who control the prices in the market and can change the direction of the trend. Although cryptocurrency traders generally accept whale-level addresses, given the illiquidity of the cryptocurrency, almost any selling volume from whales in the market could push the price into a “collapse” or a strong correction.
Also, selling pressure from individual traders is often the main fuel for the correction in the cryptocurrency market. When the share of small (individual) wallets falls, it is often seen on the Shib chart that sales are declining. Coming to the latest SHIB price, the 11th largest cryptocurrency by market cap is currently 4% daily. 62 drops and 1% weekly. It is trading at $0.00005248 with 2 gains. To remember, Cryptocoin. com Shiba Inu analysis, which we have included in the news, saw 150% daily and 300% weekly gains from time to time.
