Whales grab more SHIB as price of token plunges
Following the return to local lows, one of the largest whales in the Ethereum network seized a significant number of SHIB tokens, potentially fueling the asset’s current 3% recovery, according to WhaleStats.
According to transaction data, the wallet tagged as “Light” purchased $6.4 million worth of SHIB tokens around three hours before press time and paid $6 worth of ETH as a fee.
Shiba Inu retakes the top spot
As more whales started buying SHIB tokens at a steep discount, the total USD value of SHIB holdings soared to $1.19 billion, ranking it number one among all other assets. . The second place among all other assets is held by FTX Token, with a dominance of 12.9%.
Shiba Inu dominance in USD value among all other assets stays at 14.6%, which is one of the highest values for the memetoken since February 2022.
Shiba Inu Price Performance
Unfortunately for SHIB investors, the asset has not shown a positive performance since the last rally in the cryptocurrency market, with the token losing more than 20% in the past two weeks.
Prior to the rally on the market, Shiba Inu reached the local low of $0.000021, which was considered the bottom for the memetoken that bounced back to almost $0.00003, bringing the profitability of the asset above 50%.
Another negative factor that investors note is SHIB’s extremely low volatility. Previously, the average volatility during a growth cycle remained at around 250% whereas it is now only around 25%. The tenfold decrease in volatility most likely caused the outflow of funds from the token and its subsequent price decline.
