Since March 15, the number of Shiba Inu holders has dropped 3.55 from 1.19 million to 1.15 million
Following the intense bearish pressures in early March, cryptocurrency investors are reluctant to pour money into the decentralized ecosystem. Despite the gloomy market, Shiba Inu shined a bright light on the investors and attracted their attention since the beginning of 2022. Although SHIB is also on the downfall, it managed to keep the investors on track. But not anymore! Since March 15, the number of Shiba Inu holders has dropped 3.55 from 1.19 million to 1.15 million. Remarkably, Shiba Inu whales have played an important role in this fall.
Amidst the ongoing geopolitical tensions between Russia and Ukraine, the cryptocurrency market has suffered a lot. Starting from Vladimir Putin using digital tokens to evade the Western sanctions to Ukraine getting cryptocurrency donations, the war and crisis changed the outlook on the cryptocurrency sphere. However, this didn’t give a boost to the decentralized ecosystem. Despite the ongoing revolution, many digital tokens including memecoins like Dogecoin and Shiba Inu are performing under the radar. Bitcoin and Ethereum are no different. SHIB now has a market capitalization of roughly US$13.3 billion and occupies the 15th position in the cryptocurrency market by valuation. But the Dogecoin competitor’s price is down by 72% from its all-time high last October. From the beginning of 2022, the only thing that kept Shiba Inu going was its whale accumulation. Despite the construction of a bullish trend in the SHIB ecosystem, its number falls in a number of metrics such as burn rate, contributors, bullish sentiments, volatility, and social volumes. Owing to the increasing speculations, Shiba Inu whales are taking a step back now.
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The Whales Purchasing Shiba Inu was High Since Jan
Since the cryptocurrency market entered a bearish state, the movement of digital tokens in wallets was less. But Shiba Inu whales have been grabbing the slightest opportunity to get on the bull run for a while now. When SHIB price recorded a 5% recovery, an anonymous whale grabbed 271 billion tokens worth more than US$6 million. On the other hand, the top 500 Ethereum wallets have also been purchasing billions of Shiba Inu tokens. According to experts, the reason behind the whales purchasing SHIB is to average their position. By doing so, they can capitalize on both long and short-term gains.
According to WhaleStat’s analysis, whales prefer to buy Shiba Inu next to Ethereum. It is currently the second largest investment of the top holders. On March 16 alone, ETH whales have bought 50,736,574,302 SHIB tokens worth US$1,106,564. In February, WhaleStats has reported that Shiba Inu has once again entered the top most-purchased cryptocurrency list.
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Ethereum Whales Play a Significant Role in giving a boost to SHIB
Although Shiba Inu is down by 75% from its all-time high, Ethereum whales are flocking the Dogecoin killer. This clearly shows the love of ETH whales for the SHIB token. They have also ramped up their buying and accumulation of various digital assets.
This massive buying has created a positive movement for Shiba Inu. When big wallets go on a buying spree, they burn some tokens to raise the value and create scarcity. Experts predict that it could be the case with Shiba Inu whales. The big wallets might be planning to burn a massive amount of SHIB tokens to accumulate value and make an impact on the price.
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But How Long Can This Last?
Although the buying and burning trend could give a boost in the long-term, currently, it is facing backlash. While Shiba Inu whales are staking up their wallets with the Dogecoin competitor, SHIb holders are taking a step back. In the past five days, Shiba Inu holders have dropped 3.55% of the tokens. Since March 15, the Shiba Inu holders have dropped drastically. However, this is not the first time SHIB is facing such a situation. Earlier in January also, Shiba Inu investors backed off from the memecoin, only to come back and join again. For long-term players, the Shiba Inu whales exiting and joining is a normal thing. But for short-term investors, it could hurt their investment.
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