Shiba Inu (SHIB) tops Ethereum wallet holdings again despite recent price drop

Shiba Inu (SHIB), the thirteenth largest cryptocurrency by market capitalization, has once again become the top token position by dollar value among the top 1000 Ethereum (ETH) wallets. The meme coin has slid to third position in the middle of a recent price drop in the market. However, the increase in SHIB token holdings among Ethereum wallets indicates a growing accumulation of whales.

The altcoin hit a new all-time high of $ 0.0000894 in October, a month in which SHIB surpassed Dogecoin (DOGE) in market capitalization. However, November and December have proven to be bearish for the meme coin despite a host of recent quotes and adoption in the retail market.

For the past few months, SHIB was listed on the Kraken exchange in late November, helping the altcoin to soar 33%. It rose to a new monthly high of $ 0.000050, but lost most of the gains during the 30% market crash in the first week of December that wiped out nearly $ 500 billion from the crypto market. BitPay also recently listed altcoin for retail payments, but the announcement did not have a similar impact on its price as Kraken.

SHIB is currently trading at $ 0.00003134 with a 3% decline in the last 24 hours. The altcoin has seen a steady decline since its monthly high on November 30. The altcoin would seek to break out of a month-long price slumber amid increased whale buildup and growing dominance of social media.

Shina InuSource: TradingView

Will Shiba Inu be able to hold another demonstration similar to the one in October?

Shiba Inu surged nearly 1,000% in October mimicking DOGE’s May rally and eventually rose to the top six cryptocurrencies by market capitalization. While repeating a similar feat would be a big task, but since meme coins have risen in double and triple digits over the past year, it can’t be completely ruled out either.

The Shiba Inu community has grown beyond being a meme coin or DOGE killer and is expanding into the metaverse with its Play to Win (P2E) games. The SHIB community continues to gather on social media for a list of Robinhood, with many believing that it could trigger the next rally for the altcoin.

Disclaimer

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.

About the Author

An engineering graduate, Prashant focuses on the UK and Indian markets. As a crypto journalist, his interests lie in the adoption of blockchain technology in emerging economies.

Shiba Inu SHIB tops Ethereum wallet holdings again despite recentShiba Inu SHIB tops Ethereum wallet holdings again despite recent

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Shiba Inu (SHIB) tops Ethereum wallet holdings again despite recent price drop

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