SHIB Holders Are Decreasing, Is That Why Its Price Weakened In March?
2022-03-22 17:03:45
How Much Is Shiba Inu Coin Amid Investors’ Reducing
As reported by Gate.io News last month, the so-called “Dogecoin killer” Shiba Inu coin was the most widely traded token among those top 1000 Ethereum whale wallets. Recently, these whales have been increasing their holdings, with the most recent one, happening five days ago, being quite a significant acquisition.
According to whale-watching platform WhaleStats, the 208th largest whale on the Ethereum network bought more than 271 billion Shiba Inu tokens on March 17, coming out to a dollar value of $6,086,838 million at the time of purchase.
It is not the only ETH whale that purchased large amounts of the meme coin during the past week. On March 15, another ETH whale bought 49.65 billion SHIB, or $1,094,317 worth, followed by a massive purchase of 50,736,574,302 Shiba Inu coins, or worth $1,106,564, the next day.
As a result, statistics indicate that the top ten richest SHIB addresses own 64.43% of the entire shiba inu token supply while the top 20 richest addresses control 71.72% of the entire SHIB supply and the top 50 richest addresses command 78.59% of the supply.
By contrast, Bitcoin’s richest ten addresses hold 5.59% of BTC’s supply and the top 50 addresses only hold 11.40% of the current BTC in circulation.
SHIB Holders are Decreasing
The big whales seem to buy Shiba Inu coin cheaper. Data from Gate.io shows that the SHIB price opened at $0.000033 on the first day of 2022, and on February 7, it got a yearly high at $0.000035. As of March 22, the price of Shiba Inu coin is only $0.000023. So far this year, this popular meme coin has fallen 30%.
In contrast to the big whales, ordinary investors reacted in the opposite way. Metrics from coinmarketcap.com and etherscan.io show the number of SHIB holders is decreasing. Since March 15, 2022, the number of SHIB holders (unique addresses) dropped from 1.19 million holders to 1.15 million, which means 3.55% investors have left the Shib Army.
There doesn't appear to be any coin-specific news driving Shiba Inu's price higher today, however, recent comments from Russian and Ukrainian policy officials suggest that the two sides are making progress on negotiations that could bring an end to the Ukraine War.
If this war does end in the near future, this could make investors less risk-averse and create positive momentum for SHIB. Still, this remains uncertain. Shiba Inu could also get a boost from increased adoption, new listings on exchanges, or further applications, but there's still nothing new to reveal in these areas either.
SHIB's most recent positive news should date back to March 10th when Adam Aron, AMC CEO, announced on twitter that AMC Theaters rolled out online payment options for both SHIB and DOGE.
Therefore, if you are planning to buy SHIB Inu coins, please move forward with the understanding that this coin remains highly speculative and do not forget to do your own research.
As reported by Gate.io News last month, the so-called “Dogecoin killer” Shiba Inu coin was the most widely traded token among those top 1000 Ethereum whale wallets. Recently, these whales have been increasing their holdings, with the most recent one, happening five days ago, being quite a significant acquisition.
According to whale-watching platform WhaleStats, the 208th largest whale on the Ethereum network bought more than 271 billion Shiba Inu tokens on March 17, coming out to a dollar value of $6,086,838 million at the time of purchase.
It is not the only ETH whale that purchased large amounts of the meme coin during the past week. On March 15, another ETH whale bought 49.65 billion SHIB, or $1,094,317 worth, followed by a massive purchase of 50,736,574,302 Shiba Inu coins, or worth $1,106,564, the next day.
As a result, statistics indicate that the top ten richest SHIB addresses own 64.43% of the entire shiba inu token supply while the top 20 richest addresses control 71.72% of the entire SHIB supply and the top 50 richest addresses command 78.59% of the supply.
By contrast, Bitcoin’s richest ten addresses hold 5.59% of BTC’s supply and the top 50 addresses only hold 11.40% of the current BTC in circulation.
SHIB Holders are Decreasing
The big whales seem to buy Shiba Inu coin cheaper. Data from Gate.io shows that the SHIB price opened at $0.000033 on the first day of 2022, and on February 7, it got a yearly high at $0.000035. As of March 22, the price of Shiba Inu coin is only $0.000023. So far this year, this popular meme coin has fallen 30%.
In contrast to the big whales, ordinary investors reacted in the opposite way. Metrics from coinmarketcap.com and etherscan.io show the number of SHIB holders is decreasing. Since March 15, 2022, the number of SHIB holders (unique addresses) dropped from 1.19 million holders to 1.15 million, which means 3.55% investors have left the Shib Army.
There doesn't appear to be any coin-specific news driving Shiba Inu's price higher today, however, recent comments from Russian and Ukrainian policy officials suggest that the two sides are making progress on negotiations that could bring an end to the Ukraine War.
If this war does end in the near future, this could make investors less risk-averse and create positive momentum for SHIB. Still, this remains uncertain. Shiba Inu could also get a boost from increased adoption, new listings on exchanges, or further applications, but there's still nothing new to reveal in these areas either.
SHIB's most recent positive news should date back to March 10th when Adam Aron, AMC CEO, announced on twitter that AMC Theaters rolled out online payment options for both SHIB and DOGE.
Therefore, if you are planning to buy SHIB Inu coins, please move forward with the understanding that this coin remains highly speculative and do not forget to do your own research.
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