The SHIB token has gained a lot of attention and traction in the cryptocurrency market for the current year. However, several market analysts criticized the token for not offering any real utility and using speculation as a means of getting price appreciation. According to the latest development of the cryptocurrency market, it seems that whales have started to dump the token.
During the last week, several SHIB investors claimed that they wanted to keep buying from the dip. It is worth noting that red candles are dominating the cryptocurrency market across the board. During this corrective period, the whale investors stand to sustain loss if the market moves lower than 5-10%. WhaleStat service has declared that SHIB whales are dumping the meme coin in favor of USDT stablecoin.
Bad News for Shiba Inu
According to the crypto market aggregator, WhaleStat the whale investors have now started to change their pace towards the SHIB token. At press time, SHIB makes up for 18% of the total ERC 20 tokens out of the total Ethereum wallet reserves in the world. However, the number decreased from last month when SHIB reserves accounted for 22% of the total ERC 20 coin dominance.
On the other hand, the whale investors have decided to switch to other tokens like Chainlink and BitPanda. It is also worth noting that a considerable amount of whales, almost 7%, have opted to cash out their SHIB reserves for fiat. The whale investors claim that they want to attain the correction that has taken place on the market.
At press time, the total market of the cryptocurrency market has been shrunken to $2.6 trillion. The only token trading in green out of the top 10 is AVAX. Under these circumstances, SHIB has dropped to $0.00004497 per unit. The price history shows that the SHIB token has now halved or decreased by 50% from its last ATH.
On the other hand, the whale investors have started to move towards an Elon-based meme token. The popularity of this token has increased in the last 24 hours.
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