Shiba Inu (SHIB) price surge, boosted by the Shibarium update and takeover of Ethereum (ETH) whales, hit a new low on Thursday. The value of the world’s second largest meme cryptocurrency has fallen more than 9%. Immediately after the significant SHIB price surge, the whale tracker picked up a sizeable whale transaction, which may help explain the subsequent price drop.
According to WhaleAlert, whale addresses have exchanged more than 443 billion Shiba Inu coins — about $5.1 million — in a single transaction. This transaction involved depositing SHIB tokens into cryptocurrency exchange OKEx.
ETH Whales’ most-held token remains the same. After the cost of Shiba Inu, which has steadily decreased over the course of the previous day. According to data, 318.3 billion Shiba Inu coins were exchanged on the cryptocurrency market the previous day, with a total value of about $3.55 million.
Shibu Inu is about to sell out
Shiba Inu (SHIB), formerly a rising star in the cryptocurrency market, is currently experiencing a significant whale sell-off, prompting investors to seek alternatives. In this environment, SHIB whales are actively accumulating Dogecoin (DOGE) and RenQ Financial cryptocurrencies (RENQ).
Dogecoin has been around for a while and gained notoriety as a meme-inspired cryptocurrency, but RenQ Finance is a relatively new contender in the DeFi market.
However, due to its particular method of yield farming and liquidity provision, RenQ Finance is quickly establishing itself as a market leader in cryptocurrencies. Recently, $RENQ successfully raised $2 million in a pre-sale and is quickly gaining the trust and interest of the cryptocurrency world.
Understanding Shibu Inu and Whales
Undoubtedly, the top Ethereum whales now own fewer Shiba Inu than before. The top wallets on the Ethereum blockchain are monitored by Whalestats.com. At the beginning of March, Shiba Inu was worth more than $1.5 billion to Ethereum whales. The amount is now close to $824 million.
Therefore, it would be wrong to assume that Ethereum whales are no longer interested in Shiba Inu. Shiba Inu seems to be the cryptocurrency that the biggest investors prefer to anyone else these days. According to Whalestats, Ethereum whales currently hold more SHIB tokens than any token other than Ether. The honor belonged to FTX in February (FTT).
The whales have sold significantly more FTX than Shiba Inu in recent months. At the beginning of March, FTX’s largest holders held more than $1.6 billion in ether. That sum has now been halved to around $744 million. Top Ethereum whales reduced their holdings in Decentraland (MANA 0.77%) by more than 60% over the same period.
Changing interests of whales
RenQ Finance is a popular coin that SHIB whales use (RENQ).
Due to its spectacular pre-sale and special features, including its AI-based trading algorithms, and its multi-chain interoperability, RENQ is a relatively new coin that has attracted interest from the cryptocurrency community. Due to its solid foundation and unique approach to DeFi, RENQ has also been named as one of the most promising coins of 2023 by a number of crypto specialists.
Dogecoin (DOGE), which has been around for much longer and has a more credible track record, is another coin allegedly being accumulated by SHIB whales. Ever since Billy Markus, the coin’s developer, promoted DOGE as a tool to support charity, the coin has seen a surge in popularity. Several large companies have also chosen DOGE.
Diploma
The simple fact that SHIB’s hype cycle may have peaked and investors are looking for other perspectives is why SHIB switched to DOGE and RENQ.
Another reason is that DOGE and RENQ offer greater long-term stability and growth potential with established use cases and robust communities supporting them.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own bank and break away from traditional money exchange systems. She is also fascinated with blockchain technology and how it works.
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