SHIB/USD remains on top of the most held crypto by Ethereum whales. However, this does not include stable coins like ETH, USDC, and USDT. As per WhaleStats revealed that the whales got $133,680,683 Shiba Inu coins.
The Ethereum whales have decreased their holdings of SHIB, but it’s still a large amount of money. The SHIB token was trading at $0.000014 in late December but now trades at $0.000011 amid a market.
A huge whale alludes to their disbelief in the recovery of Shiba Inu. Recently, the Shiba Inu burn rate has risen by more than 1,500%. This has caused a price increase. It has been said that major development will push it higher.
Moreover, Shiba Inu is a deflationary currency which means it will get rarer as more blocks grow.
The whales have shown great interest in Ethereum Classic (ETC) and Bitcoin. The ETC whale holdings are more than $15 million and the Bitcoin whale holdings are $41.3 million.
Why have SHIB whales decreased their holding of the token?
A whale is a term used to denote a large amount of money in cryptocurrency. A whale can be defined as a cryptocurrency investor that has more than $100,000 USD worth of cryptocurrencies. There are several investors that have not reduced their holdings of SHIB correctly. Therefore, the reason for current price changes is believed to be due to non-decision-making whales.
If investors have large amounts of money, they tend to be late with the market. The lack of price increase after the recent news is due to a whale that has been not in favor of it. The main reason behind the price increase of SHIB is believed to be market buying.
The Ethereum whales are taking advantage of the market volatility. They have increased their holding by more than 2000%. This means that they control millions of dollars worth of money in SHIB.
In conclusion, SHIB/USD has been showing an inverse correlation with its peeing trading volume. As the volume picks up, and the market remains bullish, it will most likely surpass its previous high of $0.000015.
This is an opportunity for investors to buy. The fact that the whales have a negative intention toward the token is believed to be the reason behind their increasing holdings and declining prices. If more investors buy SHIB, it will shoot up in price and rise above its previous high of $0.000015, but if no market buyers step in, then the price will keep going down i.e to $0.