• Experts are investigating whale wallet movements to account for the recent drop in SHIB price across spot exchanges. 
  • Shiba-Inu-themed cryptocurrencies DOGE and SHIB kicked off the alt season before SHIB consolidation started.
  • Shiba Inu market capitalization has dropped, and SHIB has slipped to rank 11. 

Shiba Inu coin lost market capitalization to Dogecoin and slipped out of the top ten cryptocurrencies. Proponents consider SHIB highly centralized as the concentration of Shiba Inu holdings in whale wallets comes under scrutiny. 

Shiba Inu whales shed their SHIB holdings, price plunges  

Shiba Inu ownership concentration came under scrutiny. A total of 872,382 wallets control 72% of SHIB, according to data from Coinmarketcap.com. The biggest whale wallet holds nearly 41% of SHIB; the second-largest wallet holds 34% of SHIB’s circulating supply. 

Experts have flagged the concern that despite an abundance of transparency in cryptocurrencies, it is challenging to link wallets to entities. This leaves market participants unaware of whale concentration and movements that influence crypto prices. 

SHIB first gained popularity and dominance as a memecoin when it flipped Dogecoin in market capitalization. Traders are tracking movements of a SHIB “whale” wallet that controls over 13% of the circulating supply of the Dogecoin killer. 

Whale wallet concentration has raised concerns about liquidation with mounting selling pressure on SHIB across spot exchanges. At the time of writing, SHIB has posted nearly 15% losses overnight. 

There is no sell-off from the “whale wallet” that moved nearly 10 trillion SHIB tokens. Transaction activity on the SHIB network exploded. It exceeded Ethereum, Solana and other cryptocurrencies (excluding Bitcoin) momentarily. 

An increase in trade activity can be attributed to the selling activity of the token holders taking profit from the memecoin’s recent rally. 

Jacob Oracle, a financial analyst, shared details of the whale wallet’s holdings, 

Interestingly, it has to be noted that there is no evidence of selling from the whale wallet yet. 

Shiba Inu and Dogecoin tokens rallied last week, posting double-digit gains overnight and kicking off the altcoin season. 

Dino Ibisbegovic, market analyst at Santiment, said

There ... seems to be an increase in SHIB sell-offs.

Analysts have noted that 1.36 trillion more SHIB hit centralized exchanges in the past 24 hours. SHIB deposit addresses have increased by nearly 150% since the beginning of November. This implies an increase in selling pressure on SHIB on exchanges worldwide. 

FXStreet analysts have evaluated the Shiba Inu price trend and predicted that SHIB is bound for a downswing before the memecoin surges to $0.00012. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Three reasons why DOGE price will not be back above $0.17 anytime soon

Three reasons why DOGE price will not be back above $0.17 anytime soon

Dogecoin price is at the cusp of saying goodbye to $0.10 as the price is set to drop another leg lower in the coming week after DOGE price consolidated below that same $0.10. With such a move, losses would sum up to 55% of depreciation.

More Dogecoin news

Cardano price could go either way next week, but downtrend still rules

Cardano price could go either way next week, but downtrend still rules

Cardano price closes the week with another loss on the books. ADA price looks set to instead chose more downside as investors are turning away from cryptocurrencies. Expect another drop with at least a retest at $0.415.

More Cardano news

Why another 60% drop in SHIB price is inevitable

Why another 60% drop in SHIB price is inevitable

Shiba Inu price is too far gone from the significant pivotal level of $0.00001708 to make a strong comeback for now. Expect to see price action consolidate around current levels, slightly above $0.00001000, before another round of tail risks will come back to bite price action.

More Shiba Inu news

A weekly close below $0.50 spells another correction ahead for XRP price

A weekly close below $0.50 spells another correction ahead for XRP price

Ripple (XRP) price came close to a full recovery after the positive shift in sentiment on Friday, but as long as price action remains below $0.50, there is still no evidence of a fundamental turnaround in sentiment. Expect to see further downward pressure as several bearish pressures are not easing.

More Ripple news

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis