The past day has been quite action-packed. Initially, the cold war between FTX’s SBF and Binance’s CZ unfurled. The executive of the largest crypto exchange said that Binance was liquidating its FTT holdings, the native token of exchange FTX due to “recent revelations.” Then, simultaneously, firms started withdrawing Ethereum, and other altcoins from FTX.
Read More: Firms are withdrawing Ethereum, Alts from FTX: Should investors panic?
The said set of actions was enough to re-stir pessimism among community members. FTX’s native token was trading in red at press time, and so were other cryptos. As a result, the aggregate valuation of the crypto market registered a 24-hour dip of 2.7%.
Whales and Shiba Inu
Despite the fear, uncertainty, and doubt in the minds of market participants, Shiba Inu continued to be the top-held asset of the 2000 largest Ethereum whales. On Monday, the cumulative value of Shiba Inu tokens held by the said category of whales stood north of $102.2 million.
Alongside, they held DeFi tokens like Uniswap and Maker worth $62 million and $71.5 million. Other top cryptos like LINK, MATIC, and CHZ were also a part of the HODLings of the top 2000 Ethereum whales.
The Gray Lining
Despite the said positive takeaway, Shiba Inu mentioned that social engagements continued to depict numbers in red at press time. Over the past week, the former metric dropped by 16.7%, while the latter dipped by 8.9%, bringing to light weak community sentiment.
Parallelly, metrics like the active and new addresses were also down by roughly 25% and 15% on the weekly, making the picture bleak.
Simply put, an address is considered to be active when it becomes a direct participant in a successful transaction. And new addresses, as such, gauge the number of fresh entrants into the ecosystem. Conventionally, the higher both the numbers, the better, for they hint towards refining participation by traders/investors. Effectively, the ongoing downtrend ain’t encouraging and might play spoilsport going forward.
At press time, it seemed like Shiba Inu was already on a slippery slope. Post noting a 4% decline over the past day, the $6.5 billion worth market-capped asset was trading at $0.00001197.