Altcoin whales continue to hold meme tokens instead of expanding their stablecoin positions amid the sharp price drop.
Altcoin whales did not leave this meme token amid all the negative conditions
Whale-watching platform WhaleStats shows that despite the recent high volatility, Ethereum whales continue to hold Shiba Inu (SHIB). Thus, SHIB takes on a “stablecoin”-like role that is safe for investors in volatile markets. However, the Shiba Inu has been one of the biggest savings of Ethereum whales for years. The meme token has always been among the top 10 in the wallets of major investors. However, it has been losing its popularity lately and has now dropped from 1st and 2nd place to 5th place. It remains among the top 10 in terms of trading volume.
SHIB is also at a lower point in whale accumulation than last year. During the 2021 bull season, the total SHIB the whales kept in their wallets averaged around a billion dollars. At the end of October last year, the SHIB price reached a historic high. It found the ATH price at $0.00008845. It has since been on the decline, along with Bitcoin and Ethereum. The cryptocurrency market suffered a heavy drop, fueled by well-known events that began in late February and spurred by the ensuing energy price crisis.
Is the Shiba Inu a “stablecoin” for whales or an “just in case” cryptocurrency?
During the summer, the whales’ SHIB balances began to shrink drastically. It first fell below $1 million, then fell below $500 million. It eventually went under $100 million. In October, they fell below the $80 million mark and are “stably” holding $70 million. At the time of writing, the whale portfolios contain $74,511,078 worth of SHIB. Sometimes whales choose to buy million-dollar SHIBs. But then he sells them when the situation in the market becomes more favorable.
SHIB was the pick of the week among altcoin whales
The meme token has faced some price challenges this week. Despite this, the whales are showing interest, which is good news. Data from WhaleStats shows that SHIB is the top pick for the top 500 Ethereum whales.
In addition, Santiment data shows that the MVRV rate of SHIBs is on a steady rise. This can also be interpreted as a bullish signal. SHIB was also one of the most popular cryptocurrencies on social media during the week, and its social dominance saw several spikes.
Another bullish sign for SHIB is CryptoQuant data showing that SHIB’s net deposits on exchanges are lower than the 7-day average. This marks a reduction in selling pressure.
While SHIB’s metrics look positive, the meme token’s market indicators tell a completely different story. Bollinger Bands noted that the SHIB has entered a constriction zone, which significantly reduces the chances of an up move. In addition, SHIB’s RSI and CMF both posted slight declines. What levels are analysts waiting for by the end of the year, as Kriptokoin.com, we have compiled the current forecasts in this article.
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