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The Shiba Inu first hit the scene as a joke-coin in 2020, aimed squarely at the top dog of the time, Dogecoin. The meme coins have successfully marketed its way to position while avoiding rumors of fraud and what appears to be a slow but steady start
Shiba Inu drops 5%
At press time, SHIB was down 5%, along with DOGE and other large-cap cryptocurrencies, as the global crypto market cap fell to $2 trillion.
The SHIB/USD price is down 5%. Source: TradingView
At the time of writing, SHIB is one of the most popular coins on Twitter. According to Cointrendz data, it received 2,320 tweets.
At the time of publication, the three most popular coins are Bitcoin, Ethereum, and Solana. There were 15,069, 6,159 and 2,482 tweets about each of them, respectively.
The Shiba Inu, like other meme coins, trades for fun and has made a few people well off in a short period of time. However, whether it is Safemoon, Shiba Inu or Dogecoin, there is not much value below the surface. Therefore, with these tokens, buyers beware.
Has SHIB lost its sense of humour? Probably. There will always be something more brilliant and luxurious to go with it. The meme coin market is overflowing with opportunities.
Shiba Inu’s fan base is undoubtedly one of the largest in the crypto world. It is a matter of perceiving whether that will change.
The number of active addresses on the whale tracking website WhaleStats has increased by 88%, indicating that Shiba Inus has attracted more whales. As entities begin to perform transactions or other operations with their funds, an increase in activity is tracked.
Whale activity spiked. Source: Whalestats
However, increased activity may be followed by larger selling, based on the token’s price behavior in the market. According to TradingView statistics, the dog-inspired coin has lost almost 15% of its value in the past four days.
Shiba Inu whales also bought more. The coin’s dominance has previously declined, allowing the FTT token to overtake SHIB as the largest holding among Ethereum network whales.
However, the Shiba Inu whale holdings received a $300 million boost shortly after, bringing it back to first place with a $1.7 billion whale-level address balance. Critical marketplace purchases cannot be crawled on-chain. Indicators such as net flow and network growth rate remain in the red.
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