Shiba Inu breaks through smallest altcoin to regain first place among most popular ERC-20 tokens
Shiba Inu regains its place as the king of ERC-20 among the Ethereum whales or the top 1,000 biggest addresses on the network.
SHIB reclaims its top
After a strong market correction of 50%, Shiba Inu lost some of its capitalization and, more importantly, its popularity among the Ethereum whales who decided to turn their attention to other tokens that appear to have a growth potential greater than SHIB: BEST, OKB and CRO.
But after the global sell-off on the cryptocurrency market, whales shifted their positions toward more “traditional” tokens, which currently remain on top among ERC-20 holdings with 17.4% domination.
Currently, whales hold more than $ 2.3 billion in Shib. The token itself remains at a total market cap of $ 26 billion which is mostly made up of medium term holders like traders. The meme-based currency faced a $4 billion capitalization and decreased after the dip started on Nov. 15.
SHIB’s market performance during the downturn
Shiba Inu’s market cap reached $ 51 billion at the end of October, when the token traded at $ 0.00008 for a brief moment. According to on-chain data and market history, whale-tier addresses dropped significant amounts of SHIB on their way to the peak.
The share of retail traders in the market increased after the token returned from its peak, then slowly faded as Shib lost half of its value and became a less popular investment option among smaller ones. tradespeople.
According to previously published research, SHIB’s growth cycles had an invesrse correlation with social popularity. Once the community “forgets” the token, its value increases due to the lack of selling pressure created by most retail traders.
