As the value of whale holdings on the Shiba Inu network falls below $2 billion, the market price remains stable.
Although the value of Shiba Inu holdings has slipped below $2 billion, the asset’s price has remained unchanged since the value of whale assets reached the coveted threshold.
The value of SHIB assets has plummeted by about $50 million, according to statistics from WhaleStats tracking services. However, the cause of the reduction should not be attributed to the price movement.
Shiba Inu’s whale activity
As the cryptocurrency market began to recover, Shiba Inu whales joined the surge, purchasing up to $300 million worth of SHIB tokens, as evidenced by the history of holdings on the 1,000 largest Ethereum addresses.
After Shib achieved its local peak of $0.00004 per token, whale-tier addresses almost totally stopped buying, which had a direct impact on the price action, which has now slowed.
The price of a SHIB
SHIB token is currently trading at $0.000038, down 3.4 percent from its previous high. After the asset lost almost 60% of its value, the most recent recovery of the token offers 35 percent gains to its holders.
After attaining an ATH of $0.0000879, the asset lost the majority of its value. Short-term investors, who made up the majority of the Shiba Inu market, started the correction.
The asset’s price movement has stabilized as the number of short-term investors has decreased and the appearance of mid-term holders has increased.
The lessening selling pressure from short-term speculators is the explanation for the decline in volatility and the start of the rebound. The buying activity from whale-tier addresses serves as token fuel.