Altcoin project Shiba Inu’s dominance among the top 1,000 Ethereum wallets would drop to a three-month low with just 5% remaining, with $1.7 billion remaining in whale-class wallets. For details Cryptocoin. com continue reading.
Whales turn to these altcoin projects as SHIB drains
The Shiba Inu has always been one of the most dominant assets among whale addresses, with dominance reaching 12% at the point where SHIB reached its latest ATH. After the correction in the market, short-term traders and some whales started selling their holdings to avoid losses.
The next wave of purchasing power has emerged after the altcoin project’s latest recovery. As of December 20, the price of the asset saw a 25% increase in less than a week. However, unfortunately for investors, it subsequently experienced an increase of about 15%. Experts say that the main reason for the decline in dominance is the distribution of funds in the market. They point out that the majority of investors are shifting their funds to smaller altcoin projects or even stablecoins to protect them during the cryptocurrency market correction.
According to WhaleStats data, most of the funds currently remain in the ‘other tokens’ category, with 10% of all whales’ capital. The only token behind the Shiba Inu is the FTX token, which has $1.5 billion in whale funds in the exchange’s utility token. The two categories that follow Shiba and FTX are USDC and USDT tokens totaling $1.6 billion.
At press time, SHIB is trading at $0.0000034 and is showing completely neutral price action after a 12% correction. In the last four days, the price of SHIB has only changed 2%.