Shiba Inu Slumps 5% As Whales Buy More

Shiba Inu first appeared on the scene as a prank coin in 2020, and was aimed squarely at the top dog at the time, Dogecoin. Memes have successfully marketed their way to the center while avoiding fraud rumors and what appears to be a slow but steady start

Shiba Inu is down 5%.

At press time, SHIB is down 5%, along with DOGE and other big cryptocurrencies, bringing the global cryptocurrency market cap down to $2 trillion.

SHIB/USD price slumps 5%. Source: TradingView

At the time of publication, SHIB was one of the most popular Twitter coins. According to Cointrendz data, it received 2,320 tweets.

At the time of publication, the three most popular coins were Bitcoin, Ethereum, and Solana. There were 15,069, 6159, and 2,482 tweets for each one, respectively.

Shiba Inu, like other meme currencies, is entertaining to trade and has made some people very rich in a short period of time. However, whether it is Safemoon, Shiba Inu, or Dogecoin, there is not much value under the surface. As a result, with these codes, the buyer is warned.

Has SHIB lost his sense of humor? Probably. There will always be something more dazzling and luxurious. The meme coin market is full of opportunities.

Shiba Inu fan base is undoubtedly one of the largest fan base in the crypto world. It is a matter of realizing whether or not this is changing.

Related article | 2021 Memecoin Mania Recap: Dogecoin, Shiba Inu, and more

whales buy more SHIB

The number of active addresses on the whale-tracking website WhaleStats increased by 88%, indicating that the Shiba Inus has attracted more whales. When entities initiate transactions or other manipulations with their funds, the increase in activity is tracked.

sshiba inu

Whale activities surge. Source: Whalestats

However, the increased activity may be followed by greater selling activity, depending on the price behavior of the token in the market. The dog-inspired coin has lost nearly 15% of its value in the past four days, according to TradingView statistics.

The Shiba Inu also bought more. The coin’s former dominance has waned, allowing FTT tokens to overtake SHIB as the largest Ethereum network whale contract.

Shiba Inu Holdings

Source: Whalestats

However, Shiba Inu’s whale holdings received a $300 million increase soon after, bringing it back to number one with $1.7 billion in whale title balances. The significant buying activity in the market failed to lift the series data. Actions such as net flows and residual network growth are in red.

Related article | PayPal loses AMC theaters, Bitpay will support Shiba Inu payments

Featured image from Unsplash. Chart from Whalestats,and TradingView