ShibaInu was first introduced to the market in 2020 as a joke coin. It was aimed directly at Dogecoin, the current top dog. Meme coins succeeded in marketing its position without rumors of fraud.
Shiba Inu Slumps 5 %
As the global crypto market caps fell to $2 Trillion, SHIB and DOGE were down by 5% at press time.
The SHIB/USD market plunges by 5% Source: TradingView
SHIB was the most-liked Twitter coin at the time it was published. According to Cointrendz data it was the most popular cryptocurrency on Twitter with 2,320 followers.
The three most widely used coins at the time of publication were Bitcoin, Ethereum and Solana. Each of these coins were the subject of 15,069, 6,159 and 2,482 tweets.
Shiba Inu can be traded like many other meme coins and made some very wealthy people in a relatively short amount of time. However, whether it’s Safemoon, Shiba Inu, or Dogecoin, there isn’t much value beneath the surface. These tokens are therefore dangerous for buyers.
Does the SHIB have lost their sense of humor. Perhaps. It will be there always being something new and more extravagant. There are many opportunities in the meme coin market.
Shiba Inu’s fan base is unquestionably one of the largest in the crypto world. It’s an issue of perception whether or not that’s changing.
See also:| Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More
Whales Purchase More Ships
WhaleStats’ active addresses have increased 88%. This indicates that Shiba Inus are attracting more whales. The increase in activity can be tracked when entities make transactions with funds or do other manipulative activities.
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Whale activity is on the rise. Source: Whalestats
However, the increased activity may be followed by greater selling activity, based on the token’s price behavior on the market. TradingView statistics show that the value of the dog-inspired token has dropped almost 15% over four days.
Shiba Inu Whales have also bought more. The coin’s dominance has previously slipped, allowing FTT token to overtake SHIB as the largest holding among Ethereum network whales.
Whalestats
Shortly after the $300 million increase, Shiba Inu’s whale holdings saw a $1.7 billion boost. This put Shiba Inu back on top with its whale-tier balances. The on-chain data was not affected by substantial market purchases. Net flows and network growth remain in the red.
See also:|PayPal Loses AMC Theaters, Bitpay Will Support Shiba-Inu Payments
Unsplash. Whalestats Chart, and TradingView