Shiba Inu Sheds 4%, But Ethereum Whales Buy The Dip

Shiba Inu has dropped 4% in value during the past 24 hours, but Ethereum whales have shown signs that they are buying this dip.

Large Ethereum Whales Are Currently Scooping Up Shiba Inu

After building up some upwards momentum during the preceding couple of days, SHIB, much like the wider cryptocurrency market, has seen some pullback in the past day.

At the time of writing, SHIB is trading around $0.00001315, down 4% in the last 24 hours. The below chart shows the trend in the price of the meme coin over the past week.

Looks like the value of the asset has gone down during the last day or so | Source: SHIBUSD on TradingView

As you can see in the above graph, while Shiba Inu has seen some decline during the last day, the coin is still in the green for the past week. At its about 7% gains in this period, the asset edges out the rival coin Dogecoin‘s 5% profits.

Over the past month as well, SHIB is still in very comfortable gains of about 24%, a performance that also happens to be much better than DOGE’s as the original meme coin only managed a 6% uplift in this period.

Despite the drawdown today, it looks like the Ethereum whales are still unfazed, as data from the whale tracker service WhaleStats shows 500 of the largest investors in the market have rather been buying more of the cryptocurrency in the past 24 hours.

JUST IN: $SHIB @Shibtoken is back on top 10 purchased tokens among 500 biggest #ETH whales in the last 24hrs 🐳

Peep the top 100 whales here: https://t.co/tgYTpOm5ws

(and hodl $BBW to see data for the top 500!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/DtR8q8Z7HH

— WhaleStats (tracking crypto whales) (@WhaleStats) February 17, 2023

This suggests that these humongous holders see the current dip as a buying opportunity, showing that they continue to hold bullish convictions about the meme coin.

Though, it’s also true that the degree of their purchases hasn’t been too strong today, as SHIB is only in their top 10 purchased coins right now. Nonetheless, the sign should still be positive for the investors of the cryptocurrency.

As per data from the same tracker released yesterday, Shiba Inu is also still by far the largest holding of the 2,000 largest Ethereum whales, further showing how optimistic the big players are about the coin’s future right now.

🐳 The top 2000 #ETH whales are hodling

$679,729,737 $SHIB
$192,069,609 $MATIC
$148,361,466 $LINK
$146,616,720 $BEST
$145,336,670 $CHSB
$118,882,599 $BIT
$99,849,529 $UNI
$76,942,563 $MANA

Whale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/jmJb8sWDl6

— WhaleStats (tracking crypto whales) (@WhaleStats) February 16, 2023

SHIB Gets Flipped By Litecoin (LTC) In Market Cap

As a result of the price drop observed today, Shiba Inu has conceded its place as the 13th largest coin in the sector to Litecoin. Here is a table that shows where SHIB stands among the wider cryptocurrency market in terms of the market cap right now:

SHIB seems to have a market cap of about $7.2 billion at the moment | Source: CoinMarketCap

Shiba Inu may have dropped to 14th on the market cap list, but the gap between LTC and the meme coin is still minuscule. This means that unless one of these assets shows significant strength relative to the other, the change may not be permanent and they are likely to continue to flip each other in the coming days.

Featured image from Rémi Boudousquié on Unsplash.com, chart from TradingView.com