Shiba Inu has dropped 4% in value over the past 24 hours, but Ethereum whales have shown signs that they are buying this dip.
The Big Ethereum Whale Is Now Collecting Shiba Inus
After building some upward momentum over the previous few days, SHIB, like the broader cryptocurrency market, has seen a pullback in recent days.
At the time of writing, SHIB is trading around $0.00001315, down 4% in the last 24 hours. The chart below shows the meme coin price trend over the past week.
Looks like the value of the asset has gone down during the last day or so | Source: SHIBUSD on TradingView
As you can see in the chart above, while Shiba Inu has seen some decline during the last day, the coin is still in the green for the past week. At about 7% profit at this time, the asset is out of the rival coin Dogecoin 5% profit.
During the past month as well, SHIB still gained about 24%, which is also a better performance than DOGE because the original meme coin only managed to increase by 6% during this period.
Despite today’s drawdown, it looks like the Ethereum whale is still unfazed, as data from the whale tracker service WhaleStats shows that 500 of the largest investors in the market have rather bought more than the cryptocurrency in the past 24 hours.
JUST IN: $SHIB @Shibtoken return the top 10 tokens purchased among the 500 largest #ETH whale in the last 24 hours 🐳
See the top 100 whales here: https://t.co/tgYTpOm5ws
(and hodl $BBW to see data for the top 500!)#SHIB #whalestate #babywhale #BBW pic.twitter.com/DtR8q8Z7HH
— WhaleStats (tracks crypto whales) (@WhaleStats) February 17, 2023
This suggests that humongous holders see the current decline as a buying opportunity, indicating that they continue to be bullish on the meme coin.
Although, it is also true that the current buying rate is not very strong, because SHIB is only in 10 coins that are currently being bought. However, the sign should still be positive for cryptocurrency investors.
According to data from the same tracker released yesterday, Shiba Inu is also still the largest holder of the 2,000 largest Ethereum whales, further indicating the optimism of the big players about the future of the coin today.
🐳 Top 2000 #ETH the whales were hodling
$679,729,737 $SHIB
$192,069,609 $MATIC
$148,361,466 $LINK
$146,616,720 $BEST
$145,336,670 $CHSB
$118,882,599 $BIT
$99,849,529 $ UNI
$76,942,563 $ WHEREWhale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/jmJb8sWDl6
— WhaleStats (tracks crypto whales) (@WhaleStats) February 16, 2023
SHIB Gets Flipped by Litecoin (LTC) in Market Cap
As a result of the price drop observed today, Shiba Inu has recognized its place as the 13th largest coin in the sector for Litecoin. Here is a table showing where SHIB is the broader digital currency market in terms of current market cap:
SHIB seems to have a market cap of about $7.2 billion at the moment | Source: CoinMarketCap
Shiba Inu may have dropped to 14th on the market capitalization list, but the gap between LTC and meme coins is still small. This means that unless one of the assets shows significant strength relative to the other, the change may not be permanent and may continue to fluctuate in the coming days.
Featured images from Rémi Boudousquié on Unsplash.com, charts from TradingView.com