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Shiba Inu remains the leader in whale wallets after a 25% drop in the market

Shiba Inu remains the leader in whale wallets after a 25% drop in the market

Shiba Inu has been the most popular token among whales during both bull and bear cycles in the cryptocurrency market. According to total whale holdings in the top 1,000 Ethereum wallets, Shiba Inu still holds the largest position among whales, owning $2 billion worth of tokens currently. While the dollar value of holdings has remained the same, the percentage (or dominance) among whales has dropped significantly, U.Today reports. As of publication, Shiba Inu's share is 8%, while “other”smaller tokens make up 7.89% of all holdings, approaching the coin-meme.

Unfortunately for its investors, Shiba Inu has not become a safe haven asset and has lost about 15% of its value. Compared to the market as a whole, the SHIB token was in the middle of the leaderboard of the biggest losers, positioned next to tokens and coins such as Doge, Ethereum and Avax. After a strong correction, Shiba Inu is now losing 66% from its last peak. At the beginning of the week, the market began a rapid and unexpected rally, which led to a short-term jump in token price of 40%.

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