Shiba Inu (SHIB), the hottest meme token at the moment, has regained its position as the king of ERC-20 among the top 1,000 addresses on the Ethereum network.
Following a 50% market correction, Shiba Inu (SHIB) lost a huge part of its market capitalization. More importantly, its popularity among Ethereum whales started to dwindle. They began to shift from SHIB to other tokens that likely have greater growth potential.
But after the global sell-off on the crypto market, whales shifted their positions toward more traditional tokens, which currently remain on top among ERC-20 holdings with 17.4% domination.
At the moment, Ethereum whales hold more than $2.5 billion worth of SHIB as the token stays around the $26 billion market cap, which consists majorly of mid-term holders such as traders.
WhaleStats tweeted, “ShibArmy Congrats! The King is coming back! SHIB flipped BEST, OKB and CRO to become biggest ERC-20 hodling (17.44%) among the top 1000 ETH wallets with total value of $2,371,207,191.”
🥳 #ShibArmy Congrats! The King is coming back!
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) November 17, 2021
How Shiba Inu (SHIB) Performed During the Major Dip
When the meme-token traded briefly at $0.00008 back at the end of October, its market capitalization was standing at $51 billion. But it has since undergone a notable price reversal. At the time of filing this report, SHIB is trading at $0.000046.
According to on-chain data and market history, whale addresses sold significant amounts of SHIB tokens before hitting the peak.
Moreover, after the token retraced from its peak, the share of retail traders on the market increased, but slowly faded and became a less popular investment option among retailers as SHIB kept losing its surging strength.