Shiba Inu Slumps 5% As The Whales Pour In Their Money

Shiba Inu slumps 5% as the whales continue pouring their money in despite the market being in the red since the new year started.
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In our latest altcoin news today, we are taking a closer look at SHIB’s price analysis.

Shiba Inu initially appeared as a meme-coin in 2020 and wanted to dethrone Dogecoin as the most popular dog-themed coin. The meme coin marketed its way to the position while avoiding the rumors of a fraud that have been slowing down its start. SHIB was down 5% along with DOGE and other larger-cap cryptocurrencies with the crypto market falling to $2 trillion. At the time of publication, SHIB was one of the most popular coins on Twitter and according to Cointrends, it recieved 2320 tweets.

At the time of publication, the three most popular coins were Solana, Ethereum, and Bitcoin. Shiba Inu like other meme coins made some wealth in a short period of time but there’s not much value below the surface as it seems. It now seems that Shiba Inu slumps 5% but the meme coin market is still bringing more new opportunities. The SHIB fan base is one of the biggest in the world and it is an issue of perception whether or not this is changing. The number of active addresses on WhaleStats increased by 88% which only indicates that Shiba Inu attracted even more whales. When the entities start to make transactions or other manipulations with the funds, the increase in activity is being tracked.

However, the rise in activity could be followed by a bigger selling activity based on the token’s price and the market behavior. The meme-coin lost almost 15% of its value in the past four days and the Shiba Inu whales bought more of the coin. The coin’s dominance slipped previously as well which allowed the FTT token to overtake SHIB as the biggest one holding among Ethereum network whales. Shiba Inu whale holdings recieved a $300 million boost right after and put it back in first place with $1.7 billion in whale-tier address balances. The market buying activity failed to lift the on-chain data and the metrics show that the new flows and network growth are remaining in the red.