Buying, HODLing, or Selling: What are Whales doing with their Shiba Inu tokens?

Lavina Daryanani
Source: CoinTelegraph

The meme-token market, alongside most other subsets of the broader market, has not been able to thrive of late. The momentum deficiency has taken a toll and played a part in pulling down asset prices.

After dipping by 2.8% over the past day, the cumulative worth of tokens in the meme market merely reflected a value of $30.26 billion at the time of press. The market’s second-largest token from this category, Shiba Inu, had registered a congruent dip and was seen exchanging hands around $0.00002387 on Monday.

Deciphering Whale Actions

Peeking into whale actions during such irresolute times usually gives a fair hint as to what to expect going forward. In the past 24-hours, SHIB couldn’t make it to the top 10 purchased tokens list by Ethereum whales. However, it managed to seal a spot on the parallel top sold tokens list.

As per data from WhaleStats, over $230 million Shiba Inu tokens worth $5415 had been abandoned by the Ethereum rich list over the past day.

Top 10 purchased tokens by Ethereum whales [L], Top 10 sold tokens by Ethereum whales [R] || Source: WhaleStats

In fact, Ethereum whales selling their Shiba Inu tokens has been accompanied by the broader trend of withering interest. The large transactions data from IntoTheBlock brought to light the same.

Both the number and volume of transactions >$100k have been revolving around their lows. The former metric, for instance, peaked at 781 on 7 February [the day when Shiba Inu’s price noted a double-digit growth] but has currently been revolving in the 100-120 bracket of late. The current volume numbers, on their part too, were down by around five times when compared to the 7 February peak.

The said trends can be evidenced from the snapshot attached below.

Number of large Shiba Inu transactions [L], Volume of large Shiba Inu transactions [R] || Source: IntoTheBlock

As long more weight is not added on the buying side of the scale, Shiba Inu’s price would likely remain inert and revolve around its current range. If the current sell trend gains steam, then the market might witness a dip in the token’s price, but if momentum manages to find its way back, then SHIB’s price could pose a sustainable recovery.