Crypto Whales Sell Off Shiba Inu In Droves, Can SHIB Maintain Its Blue Chip Status?

Recent on-chain data shows that: Shiba Inu (SHIB) Whale This may have contributed to the recent drop in the price of meme coins. Blue Chip Status While the trader remains confident in the Shiba’s potential, he has doubts.

Large Shiba Inu trades on the rise amid sluggish market

data from Market information platform IntoTheBlock We can see that the number of large Shiba Inu transactions has increased by over 400% in the past 24 hours. These large transactions include transactions of over $100,000, which is even more significant considering they are taking place in the midst of the recent market decline.

like that Whale Activity This would normally be seen as a positive development, given that had these whales been hoarding their tokens rather than selling them, the price of the coin could have risen. Large-scale transactions During this market downturn, it could mean that whales are either increasing their positions or selling their tokens to limit their losses.

Further afield data Research from IntoTheBlock suggests the latter is more likely, as these whales have been selling off their Shiba Inu holdings. The Large Holder Net Flow metric shows a decline in the number of tokens held by these whales, with 392.7 billion tokens being moved out of wallets that hold just 0.1% of the total. Supply of Shiba Inu.

Shiba Inu
Source: IntoBlock

These tokens were believed to have been moved to exchanges by large investors who feared Memecoin would fall further in an attempt to cut their losses. However, their actions only caused Shiva to experience a further price drop, with Memecoin now trading below the key resistance level of $0.00002.

Shiba Inu’s recent decline has caused the meme coin to lose a significant portion of its market cap, dropping it to Tron in the cryptocurrency rankings by market cap, and now 12th Largest Crypto Token By market capitalization.

SHIB isn’t going anywhere

Crypto Analyst Vapor Recently, he suggested that Shiba Inu will continue to be a major player Altcoin Season And he predicted that meme coins would not lose their blue chip status – rather, this status would help Shiba Inu stand out in this market cycle and make a big splash during this meme supercycle.

Vapor also has a blue chip meme coin Shiba Inu He said there are several advantages that make Shiba Inu a “more comfortable candidate” to hold for future altcoin seasons. He said there is good reason to believe Shiba Inu will benefit the most from the upcoming altcoin season.

According to Vapor, the “arbiter of truth” is Mass retailerAnd just like in 2021, they will likely choose meme coins like Shiba Inu that are listed on Tier 1 centralized exchanges.

Shiba Inu price chart on Tradingview.com
SHIB Price Recovers at $0.000017 | Source: SHIBUSDT on Tradingview.com

Featured image created by Dall.E, chart taken from Tradingview.com

Related Article

0 Comments

Leave a Comment