Majority of SHIB Holders Remain Profitable, Shiba Inu Whales Make Waves Amid Market Retracement

As the broader cryptocurrency market experiences a pullback from its recent weekend rally, Shiba Inu (SHIB) is witnessing a surge in activity from large-scale investors known as “whales.” Despite the recent price dip, data reveals that a significant majority of SHIB holders remain in profit,

Whales Boost SHIB Confidence: On-chain data from data science company IntoTheBlock revealed a significant spike in large transactions involving SHIB tokens worth $100,000 or more. The value of these transactions surged from $10.18 million (558.73 billion SHIB) on Sunday to a staggering $37.57 million (2.14 trillion SHIB) by Monday.

This represents a remarkable increase of over 269% in just 24 hours. The number of these large transactions also more than doubled during this period, indicating a strong appetite for SHIB among whales.

This surge in whale activity suggests that these influential investors are accumulating SHIB, potentially signaling confidence in its future prospects despite the market’s current retracement. It’s a clear indication that some major players see potential in the meme coin, even as others are taking profits or holding back.

Retail Hesitancy, Profits Persist: While the surge in whale activity is a positive sign for Shiba Inu, the decline in daily active addresses by 17.71% to 3,590 indicates that smaller retail investors are more cautious. This discrepancy between whale and retail investor behavior raises questions about the sustainability of the current trend and whether the broader market will follow the whales’ lead.

Despite the recent market dip and a 5.48% drop in SHIB’s price to $0.00001627 in the last 24 hours, data revealed that a significant 52% of SHIB holders remain in profit. This resilience in profitability suggests that a large portion of the Shiba Inu community remains optimistic about the meme coin’s long-term prospects. This optimism could be attributed to various factors, including the strong community support, the anticipation of a potential Shiba Inu Exchange-Traded Fund (ETF) approval, and the ongoing development of the Shiba Inu ecosystem.

Price Action: As of 8:03 a.m. ET on Thursday, Shiba Inu (SHIB) was trading at $0.00001633, reflecting a 5.48% dip in the last 24 hours and a broader decline of 5.58% over the past week and 5.56% over the past 30 days. However, the meme coin is not fading quietly into the night. It has experienced a remarkable surge in trading activity, with its 24-hour trading volume soaring by 25.17% to reach $322,816,989.

This heightened interest, despite the recent price dip, underscores the resilience and enduring appeal of Shiba Inu within the crypto community. With a total circulating supply of 589,270,547,009,170 SHIB and a market capitalization of $9,619,519,824, according to data from CoinMarketCap, Shiba Inu remains a significant player in the crypto arena. The surge in trading activity suggests that investors and traders are actively engaging with the token, potentially viewing the current dip as a buying opportunity or anticipating future developments that could drive its value upwards.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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