Whales Move in on Shiba Inu as Price Drops

Shiba Inu (SHIB) is down 12.42% for the last week, but the cryptocurrency token has attracted the interest of crypto whales anyway.

A number of  coin hoarders, called “whales”, have been buying up Shiba Inu in massive quantities, but their efforts are not enough to drive the price up right now. There are too many investors abandoning Shiba Inu at the moment, and the whales may not be able to save it.

Why Are Investors Leaving Shiba Inu Behind?

The crypto token reached its highest point in two years when the price spiked early in March of 2024. Many Shiba Inu investors had been waiting for that to happen for a long time, some of them having invested for years and having held on since the last major price spike, back in late 2021.

They heard prediction after prediction that Shiba Inu would soar in the coming years and that it would make it out of Covid just fine. They finally saw some of those predictions come true earlier last month and cashed in on their accumulated Shiba Inu coins. This is the double-edged sword of cryptocurrency- when the price spikes, many investors pull out and cause the price to plummet.

Shiba Inu is benefitting from the efforts of a number of whales, though, and they are making an impact. Data shows that large coin holders’ purchases are up 570% for SHIB tokens. Collectively, these accounts are holding onto over $400 billion in coins.

Even with their concerted efforts, Shiba Inu is continuing to fall, as more than $1 billion in SHIB coins is circulated every day at the moment. Widespread public sentiment would have to change on Shiba Inu for the coin to turn around and start gaining, which could happen as the Bitcoin halving draws closer and public interest grows in what is going to happen in this market.