Shiba Inu whales stick to their tokens after market sell-off: Details
According to data from WhaleStats, the Shiba Inu remains on the Whale token despite the recent market correction. WhaleStats tracks the activity of the top 100 Shiba Inu holders and brings its analysis to the public. Bitcoin and other cryptocurrencies are currently trading in the red after losing some significant value after a correction in the market.
According to the Whale Surveillance Platform, the average SHIB balance – which refers to the average amount of tokens held by the top 100 Shiba Inu whales – has increased by 2.29% over the past 24 hours. The average SHIB price held by this category of investors has decreased by 4.35% in line with the decline in SHIB value due to market correction.
Other key metrics such as active addresses, volume and netflows are positive, as indicated by WhaleStats. The total number of Shiba Inu holders has also increased to 1,122,398 as of press time.
Shiba Inu remains the toast of Ethereum whales, as it ranks as the largest token position in dollar value for the top 1,000 ETH wallets monitored by WhaleStats.
SHIB Price Action
In line with market action, the Shiba Inu declined to a low of $0.000002860 before a minor rally on January 5. As of press time, the Shiba Inu is trading down 2.3% at $0.299 on the Daily chart.
According to IntoTheBlock’s In/Out of the Money, a rebound from the $0.00028 mark is envisaged due to key support at this key level. Around 24,000 addresses have bought 9.263 billion Shiba Inu tokens at this level, indicating a massive buy-in.
On the other hand, the Shiba Inu is likely to face minor resistance near $0.000031; However, the next major resistance is expected at $0.000032 and then at $0.000034, as a large number of Shiba Inu addresses have placed sell orders at this point.