After falling to the lows of the last three difficult weeks, Bitcoin managed to reclaim the $40k support it lost on the evening of April 11th. Solana, Terra (30%) and Avalanche are all pointing to instability in the altcoin market, down nearly 20% since last week. In this article, let’s examine the recent transactions for a token backed by Ethereum whales in current market conditions.
Altcoin whales bought 287 billion Shiba Inu (SHIB)
According to data provided by WhaleStats, after the rebound to local lows, one of the largest whales on the Ethereum network bought a significant amount of SHIB, which is 3% triggered the rise. According to transaction data, the anonymous whale named “Light” bought $6.4 million worth of SHIB in the past three hours and paid $6 worth of ETH in fees. At the time of the whale’s purchases, the Shiba price was heavily discounted. With the latest trading, Shiba Inu’s (SHIB) total dollar position among the top 1,000 whales rose to $1.19 billion, reaching the top spot. In second place among all other cryptocurrencies in the wallet is FTX Token with a share of 12.9%.
Since February 2022, dollar-valued Shiba Inu meme token dominance among all other assets has remained at 14.6%, one of the highest levels for the meme token. The changes in the market cap of
shibas
are bad news for SHIB investors: The token has fallen by more than 20% in the previous two weeks since the most recent spike in the cryptocurrency market. As cryptokoin.com previously reported, Shiba Inu reached a local low of $0.000021 before the market surge, which is considered the bottom for the meme token, which rose to about $0.00003 and increased its profitability by over 50%.
Investing in SHIB has always been risky due to its exceptionally low volatility. Growth cycles were more volatile than they are now, with an average volatility of 250 percent. According to experts, the reduction in volatility is responsible for the Shib’s price drop and cash outflow.
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