Shiba Inu’s [SHIB] position at the top of Ethereum [ETH] whales’ holdings may be jeopardised due to a significant decrease in holdings. This was due to the whales selling $5 million worth of tokens in the last four days.
The top 1000 ETH whales had approximately $76 million SHIB, according to WhaleStats. The decline became too obvious, however, when the whale tracking platform revealed that the extended top 2000 were worth slightly more than $70 million.
🐳 The top 2000 #ETH whales are hodling
— WhaleStats (tracking crypto whales) (@WhaleStats) November 22, 2022
The wait is not everlasting
The action of the deep-pocket investors might have been long awaited, especially as SHIB failed to reciprocate the loyalty shown. Recall that the coin, until the previous week, showed no sign of an edge toward excellent performance.
At press time, it was almost the same situation as SHIB lost 3.85% in the last 24 hours. Hence, some of these whales might have considered that it was time to exit the long-accumulated losses.
Consequently, the impact was already reflected on SHIB, apart from the price decrease. According to Santiment, the Market Value to Realized Value (MVRV) ratio had declined to -7.08%.
Despite the attempt at an increase on 19 November, the MVRV ratio indicated that retail investors had also felt the wrath of selloffs. So, this subsidy meant that it has become more challenging for holders to rake in profits, even as SHIB remained 90.91% down from its all-time high.
In addition, SHIB’s performance per the social metrics had also not been impressive. Santiment’s data showed that social dominance improved a bit to 0.898%. Although it was an improvement from 20 November, it still implied that SHIB was not much of a point of interest for the crypto community.
The social volume was worse off with its position, which was 46, at the time of writing. This implied that there has been minimal search volume for cryptocurrency in recent times.
On pluses and minuses for SHIB
On further assessment, it was not “down and out” for SHIB, as reflected in the positive and negative sentiments. At the time of writing, the positive sentiment was 32.87, while the negative sentiment stayed put at 1612.
With a difference of almost double, it seemed that investors were unperturbed by the SHIB’s consistent underperformance. So, it was likely that the long-term view of the token might produce profits. Nevertheless, expecting a recovery in the short term might be out of the course of action.