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Shiba Inu Loses Over 30,000 Holders in a Single Day, but ETH Whales Keep Accumulating SHIB: Details

Despite the growing interest in Shiba Inu (SHIB), the second-largest meme token in the market, which resulted in the Ethereum whales buying spree, the decentralized token has recently experienced a massive loss of over 30,000 holders in a single day.

Over the last three months, the dog-themed token has been experiencing a steady increase in the number of holders until 17th March, when it lost a total of 32,832 holders.

Read Also: 742 Million SHIB Burned In Last 24 Hours; As 570 Million SHIB Set to Be Destroyed in Two Days

According to the data from CoinMarketCap, between 16th March and 17th March, the number of SHIB holders dipped from 1,199,453 to 1,166,621, representing a 2.74% loss.

Shiba Inu Loses Over 30,000 Holders in a Single Day, but ETH Whales Keep Accumulating SHIB: Details
Total number of addresses holding Shiba Inu. Source: CoinMarketCap

It’s worth noting that the massive decline in the number of holders corresponds with the decrease in the number of transactions on the network. Between January and February 2022, the number declined from 283,268 to 257,003, a 9.27% drop.

Ethereum Whales’ Not Relenting On Shiba Inu (SHIB)

The decline in some metrics related to Shiba Inu analyzed above is seemingly not reflecting on Ethereum whales’ interest as data says they keep accumulating more SHIB on a daily basis. They are believed to be taking advantage of the current trend in the market to buy more SHIB tokens.

Within the last three days, over 300 billion SHIB tokens worth more than $7 million were purchased by only two Ethereum whales.

According to WhaleStats, on 15th March, the 15th largest Ethereum whale, which currently holds over 4 trillion SHIB tokens, bought 50,736,574,302 SHIB worth $1,106,564 at the time of purchase.

Likewise, WhaleStats reported on 16th March that the 208th biggest Ethereum whale grabbed a whopping 271 billion SHIB tokens worth $6 million.

Read Also: 140M SHIB Added To Burn Pot For 15th March Event, Burn Pot Now Contains 655M SHIB Tokens

Data shows that whales are interested in SHIB, but the loss of 30,000 holders in a single day cannot be thrown underfoot. However, the resolute members of the Shiba Inu community are of the opinion that those departed SHIB holders are mere retail investors that are in for the short-term gain.

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At the time of filing this report, SHIB is trading at $0.00002222, with no loss in the last 24 hours. The coin’s market cap stands at $12.2 billion, according to CoinMarketCap.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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