After the crypto collapse, altcoin projects started to recover under the leadership of leading crypto. Dog-themed meme coin project Shiba Inu (SHIB) and other smaller altcoins have also benefited from this sudden price spike, while SHIB has gained 8.60% over the past seven days, according to CoinMarketCap data. Data from WhaleStats shows individual crypto traders buying the altcoin project, while whales controlling 26% of the supply make $100 million in profits. For details, continue reading Kriptokoin.com.
Whales continue to control altcoin project
According to data from whale watching platform WhaleStats, whales currently hold 26% of the total supply of the meme coin Shiba Inu. Exchange-related addresses and companies are not included in the calculation by the tracker, which allows the actual percentage of major holders on the blockchain to be determined.
With the increase in the number of whales, assets tend to lose the previous volatility that was present when almost all traders in the market were short-term speculators. Based on the composition of holders, the Dogecoin competitor is currently considered a medium-term asset, with the majority of its holders estimated to have purchased the meme coin at least six months ago.
Experts note that when whales take control of an asset, the correction tends to stall as major wallets continually hoard the token or cryptocurrency instead of selling it. Large sales volumes usually occur at the end of bull rallies where individual purchasing power exceeds unrealized losses and then turns into unrealized gains.
The collection of Shiba Inu, which we know as the Dogecoin Killer, by whales started after the token lost almost 30% of its value in a short time after hitting an all-time high in October. Crypto whales bought $300 million worth of SHIB in just a few days. Unfortunately, however, SHIB failed to provide any sort of recovery in the market, leaving most investors with 40-60% losses. The altcoin is ranked 15th in the crypto league at the time of writing and was trading at $0.0000233, gaining about 4% in the last 24 hours.
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