Shiba Inu has dropped another 3% in the last 24 hours, but the meme coin remains the top dog for Ethereum whales.
The Shiba Inu keeps sliding, but the whale grabs it
The last few months have not been the best for the cryptocurrency market as even top coins such as Bitcoin and Ethereum have suffered massive negative returns, but SHIB has been particularly bad lately.
At the time of writing, the Shiba Inu has fallen 3% over the past 24 hours, trading around $0.00000795. Below is a chart showing the trend of asset values over the past month.
The price of the coin seems to have taken a significant hit in this period | Source: SHIBUSD on TradingView
The graph shows that the last month of the year has not been kind to SHIB holders, as the coin’s value fell by almost 15% during the period. Bitcoin The profit for the same period was 1%.However, rival coin dogecoin We saw almost double the decline in Shiba Inu, as DOGE declined by 28% over the past month.
In terms of weekly performance, SHIB investors are losing about 3%. Cryptocurrency is coming to an abysmal end in a terrible year when the coin lost more than 77% of its value, but there may still be some hope left for meme coin owners next year.
According to data from Ethereum whale tracker WhaleStats, Shiba Inu still holds the largest share of the top 5,000 ETH. whale.
🐳 Top 5000 #ETH whales cuddling
$46,818,479 $SHIB
$33,930,176 $BEST
$33,799,444 $MATIC
$32,349,626 $UNI
$27,116,280 $MOC
$26,608,483 #UnknownToken
$20,610,798 $cbETH
$20,435,332 $BTRWhale Leaderboard 👇https://t.co/kOhHps8XBB pic.twitter.com/gBXRXRowzK
— WhaleStats (tracking virtual whales) (@WhaleStats) December 28, 2022
These whales hold approximately $46.8 million in SHIB, which represents approximately 2% of the total holdings (most of the supply consists of stablecoins). This amount is low, especially when these whales held his $1 billion SHIB early in the year.
However, it is also true that we have reduced our holdings of other coins during this bear market. So the fact that SHIB is at the top of the list shows that there’s still relatively a lot of value in holding the meme coin, so we might be bullish on the coin’s price. .
SHIB market capitalization
As a result of Shiba Inu’s recent poor performance, the coin has slipped from the top cryptos on the market cap list. Here is a table showing where MemeCoin currently stands within the wider market.
Looks like SHIB has a market cap of $4.3 billion at the moment | Source: CoinMarketCap
Not long ago, the Shiba Inu was the 13th largest coin on the market, but has since slipped to number 15 on the list.
Featured image of Ferhat Deniz Fors on Unsplash.com, chart by TradingView
