The world’s second-largest meme cryptocurrency, Shiba Inu (SHIB), is experiencing selling pressure as Pepe (PEPE) steals the spotlight this month. SHIB’s price has dropped nearly 20% in the last 30 days, and on-chain data suggests that whales may be taking their exit from the Shiba Inu ecosystem.
Crypto whale activity was reported by Spot On Chain, which identified a whale transferring 499.6 billion Shiba Inu Coin (approximately $4.2 million) to the crypto exchange Hotbit in a single transaction. Notably, this particular whale wallet has been dormant for seven and a half months. This could potentially indicate that the whale is planning to exit its accumulation spree in 2022.
Despite the announcement of its highly anticipated “SHIB THE METAVERSE,” Shiba Inu’s price continues to decline, currently trading at an average price of $0.000008, down by 32% in the last 90 days. However, the whale remains in profit on its SHIB holdings by 200%. According to the data, this wallet has made an estimated profit of $70 million during the 2021 Shiba Inu hype and an additional profit of around $58 million when SHIB was trading at an average price of $0.000065. With Shiba Inu’s prices continuing to drop, the crypto whale may consider exiting its position soon.
As Shiba Inu loses its shine, Pepe has emerged as the new sensation in meme cryptocurrencies, surging 2,500% in the last 60 days. This impressive price move has made Pepe the most hyped coin in recent weeks, outperforming both Dogecoin (DOGE) and SHIB.
Nonetheless, Shiba Inu remains the largest cryptocurrency held by the top 100 Ethereum (ETH) whales, with these wallets holding a total of $601 million worth of SHIB, making up nearly 12% of their combined holdings.
In summary, while Shiba Inu faces significant selling pressure and whales appear to be taking their exit, it is essential to remember that the currency remains the largest held by top Ethereum whales. The Pepe coin’s impressive surge has overtaken the spotlight, and only time will tell whether these market trends continue or shift in a different direction. As always, thorough market research is crucial before investing in cryptocurrencies, and both the author and publication hold no responsibility for personal financial losses incurred in this volatile market.
Source: Coingape
