Shiba Inu is still trying to recover after a strong correction
Shiba Inu has once again become one of the most purchased tokens by the 1,000 largest Ethereum wallets. The sudden buying power appeared after the token lost first place as the biggest USD holding on whale wallets.
Shiba Inu enters the top 10
According to whale tracking service WhaleStats, Shiba Inu entered the top 10 most purchased tokens among major wallets. If the purchase volume remains insignificant compared to the quantities possessed by the whales, this still indicates the presence of interest in the token.
According to the volume indicator on TradingView, traders are not willing to actively trade the asset and prefer larger caps like Ethereum or Bitcoin. The low activity of traders could also be tied to it being the weekend (for traditional financial markets).
Shiba Inu is no longer the first
Although whale buying activity is an important indicator, the total value of whale holdings on whale addresses reached $1.5 billion, which caused the SHIB token to drop to second place in the ranking. total assets.
First place is still behind the FTX Token, FTT, which is being held with a capitalization exceeding $1.6 billion. Shib’s drop to second place was followed by a prolonged battle of two assets for first place. But unfortunately for its investors, Shiba Inu lost the lead even after almost $300 million of inflows to the asset from whales.
At press time, Shiba Inu is trading at $0.00003 with a daily loss of -1.4%. The asset’s recovery rally is not over yet due to Shiba Inu trading above the $0.00003 support zone.
