Shiba Inu Holdings Drop as Whales Shift to Tether
SHIB holdings have reportedly dropped, according to a statistic from WhaleStat Service. The statistics website compared the meme coin’s holdings to other ERC-20 holdings on the 1000 largest wallets on the Ethereum Network, and it discovered that Shiba Inu has dropped 4% from 22% to 18%.
Whales Shift Focus to Tether
Experts blame whale traders for the decline in SHIB token holdings. According to WhaleStat Service, whale-tier traders redistributed their funds, leaving their initial tokens behind.
Typically, when investors lose money and the market drops, they are forced to redistribute their funds to kickstart correction on the market. Investors involve regular crypto holders and whale traders.
WhaleStats reveal that whales have shifted their trading focus to other tokens, such as Chainlink and BitPanda. Interestingly, over 7% of whales’ funds have gone into stablecoins with the intent to reduce exposure to risks from the frequent correction occurring in the market.
Currently, the most powerful token among whale traders is the USDT, which became the most bought coin in the last twenty-four hours. The largest position is the SHIB token, which lost close to 50% of its USD value from its all-time-high.
Aside from Tether, the CRO token dominated among Ethereum whales, with 6.5%. However, the GALA was the most purchased token behind Tether, with $47,000 average purchase.
SHIB Gains in the Last 24 Hrs
The last two days haven’t been that rosy for the meme coin in the intra-trading market. After hitting a height of 22% on Nov. 19, the value of the coin slipped 7.7% two days after. At the time of this publication, Shiba Inu is trading at $0.00004497, gaining nearly 2% over 24 hours.
Aside from the price gains, the SHIB community also received some good news about their token. Earlier today, it was rumored online that electronics retailer Newegg will soon add support for the SHIB token.
Newegg tagged lead developer Shytoshi Kusama and the official Twitter account of the canine coin, requesting to discuss with them. This led to some speculations that the company will accept SHIB soon.
In April, the electronics company added support for Dogecoin payments with assistance from popular crypto payment gateway BitPay. Seven years earlier, the Los Angeles-based company allowed its customers to shop while paying in BTC, becoming the first retailer to accept crypto payments.
SHIB tokens are quite becoming popular, and there’s no doubt that it will soon be more adopted by retailers and businesses, as the entire cryptocurrency sector continues to grow in 2022. Already, several exchanges, such as BitPanda, Coinbase, Binance, and Bitvavo have listed the coin, which makes purchasing the meme coin straightforward.
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