- Shiba Inu and Dogecoin’s large wallet investors, holding between 100 million and 1 billion tokens, have exited in the past month.
- SHIB and DOGE retail traders are accumulating the meme coins, likely to support a recovery in the assets.
- Shiba Inu and Dogecoin wiped nearly 3% of their value on Thursday.
Shiba Inu (SHIB) and Dogecoin (DOGE) have noted a decline in the number of large wallet holders of the meme coin, while retail investors accumulate the asset. The change in the demand for the asset in different segments of holders implies that traders can expect a change in prices too.
Typically, decline in whale holdings is negative for an asset’s price. hHowever, retail accumulation could fuel a recovery in SHIB and DOGE.
Shiba Inu and Dogecoin whales distribute token holdings
Data from crypto intelligence tracker Santiment shows that Shiba Inu and Dogecoin’s large wallet investors, with 100 million to 1 billion tokens have consistently distributed their holdings in the past 30 days.
In the case of Shiba Inu, other segments of whales, holding between 1 million and 100 million tokens have shed their holdings as retail traders scoop up the meme coin. Data shows that the recent dip was bought up by small wallet traders, retail investors, while whales exited their positions at a loss.
The following Santiment charts shows the supply distribution of Dogecoin and Shiba Inu, and the change in the past 30 days.
 [10.20.45, 04 Jul, 2024]-638556814987616092.png)
Dogecoin supply distribution vs. price
 [10.20.48, 04 Jul, 2024]-638556815293612377.png)
Shiba Inu supply distribution vs. price
The Network Realized Profit/Loss metric (NPL) that identifies the net profit/loss of all trades in an asset on a given day. The NPL metric shows negative spikes consistently in the past 30 days. Typically, this is considered as a sign of capitulation and SHIB price could recover in the future.
 [10.35.39, 04 Jul, 2024]-638556815588019084.png)
Shiba Inu supply on exchanges, NPL vs SHIB price
Shiba Inu trades at $0.00001585 and Dogecoin trades at $0.1147 at the time of writing on Thursday.
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