56% of Shiba Inu owners are at a loss and whales could be 'innocent', data reveal

 Large holders concentrate 78% of memecoin volume according to IntoTheBlock, percentage is low compared to other altcoins

Data from analytics platform IntoTheBlock reveals that approximately 56% of Shiba Inu (SHIB) holders are at a loss with the cryptocurrency, which apparently only reflects the bear market in recent weeks. According to the mapping, around 40% of memecoin token owners made gains while almost 4% of the cryptoactive owners remained in the neutral tracking zone this Monday morning (10), when this article was edited.

According to the mapping, whales hold 78% of the SHIB supply in circulation, an amount that includes the addresses of wallets that have more than 1% of the supply and investors that have between 0.1% and 1% according to the metric. reported by IntoTheBlock. According to the platform, the total volume of large trades involving memecoin was $645.11 million in the last 7 days, which represents a filter only of transactions above $100k.

The data also reveals a strong correlation between the price of SHIB and Bitcoin (BTC). To get an idea of ​​what this represents, in the last 30 days the ratio of movement between the prices of SHIB and those of BTC was 0.91 on a scale that goes from 0 to 1, and from 0 to -1 in the case of cryptocurrencies that move contrary to BTC.

The cryptocurrency reached its all-time high of $000079 at the end of October when SHIB appeared in the TOP 10 and posted an appreciation of almost 200,000% compared to one of its lowest quotes at the beginning of the year (US$0.00000004) viewed on the CoinMarketCap mapping. At the time of writing, SHIB was quoted at $0.00002719 accumulating a retracement of around 65% from its all-time high.

The all-time record chapter of SHIB can also be understood by posts on Twitter by Tesla and SpaceX mogul Elon Musk suggesting enthusiasm for cryptocurrency. On October 3, for example, the businessman gave proof of his power to influence the market by publishing a photo of his pet dog, a Shiba Inu, which made the market respond with a 60% increase in SHIB at the time. .

On the other hand, contrary to Musk's pet, large movements of SHIB whales began to arouse the fear of large crypto asset liquidations in the market and reverse the euphoria of investors with the cryptocurrency. That's because in early October, during the historic climb, a massive sale of some whales had a negative impact on the price of SHIB by 40% for about 24 hours.