Shiba Inu has dropped another 3% in the past 24 hours, but the meme coin remains the top among Ethereum whales.
Shiba Inu continues to slide, but whales caught it
The last few months have not been the best for the cryptocurrency market, as even top coins like Bitcoin and Ethereum have suffered severe negative returns, but SHIB has been particularly bad of late.
At the time of writing, Shiba Inu is trading at around $0.00000795, down 3% in the past 24 hours. The chart below shows the trend in asset values over the past month.
The chart shows that the last month of the year was not kind to SHIB holders, as the token’s value fell by nearly 15% during the period. By comparison, Bitcoin gained 1% during the same period. However, rival coin dogecoin has fallen almost twice as much as Shiba Inu, as dogecoin is down 28% in the past month.
In terms of weekly performance, SHIB investors lost about 3%. While cryptocurrencies have had a terrible end to a bad year, with coins having lost over 77% of their value, holders of meme coins may still have some hope next year.
Shiba Inu still holds the largest of the top 5,000 ETH whales, according to data from Ethereum whale tracker WhaleStats.
These whales hold approximately $46.8 million in SHIB, which is approximately 2% of their total holdings (most of their supply consists of stablecoins). This amount is low, especially when these whales held $1 billion in SHIB earlier this year.
However, they did also underweight other coins throughout the bear market. Therefore, the fact that SHIB is at the top of the list suggests that they still see relatively high value in holding meme coins and therefore may be bullish on the price of the coin.
SHIB Market Cap
Shiba Inu One consequence of Inu’s recent poor performance is that the token has been falling down the market cap charts. The table below shows the meme token’s current position in the market :
Not long ago, Shiba Inu was the 13th largest token on the market, but has since dropped to 15th on the list.
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