Shiba Inu: Here’s where SHIB is at after whales dumped  million

Shiba Inu: Here’s where SHIB is at after whales dumped $5 million

  • Ethereum Whales Sold A Lot Of SHIB Tokens Amid Disastrous Performance
  • SHIB’s long-term sentiment could be positive as investors remained hopeful about their stocks

Shiba Inus [SHIB] stay on top of Ethereum holdings [ETH] whales could be threatened due to a significant reduction in stocks. Indeed, in the past four days, these whales have sold around $5 million worth of tokens.

Lily Shiba Inu Price Prediction for 2023-2024

According to WhaleStats, the top 1000 ETH whales held around $76 million SHIB. However, the drop became too glaring as the whale tracking platform revealed that the extended top 2000 held just over $70 million.

The wait is not forever

The action from deep-pocketed investors might have been long overdue, especially since the SHIB did not reciprocate the loyalty shown. Let us recall that the piece, until the previous week, showed no signs from an advantage to excellent performance.

At press time, it was almost the same situation as SHIB lost 3.85% in the last 24 hours. Therefore, some of these whales might have considered that it was time to get out of long-accumulated losses.

Therefore, the impact has already trickled down to SHIB, aside from lower prices. According to Santiment, the market value to realized value (MVRV) ratio had declined to -7.08%.

Despite the attempted increase on November 19, the MVRV ratio noted that retail investors had also felt the wrath of the sell-off. Thus, this subsidy meant that it became more difficult for holders to make a profit, even though SHIB remained 90.91% down from its all-time high.

Shiba Inu Price and MVRV Ratio

Source: Santiment

Moreover, the performance of SHIB according to the social measures hadn’t been impressive either. Santiment’s data showed Social Dominance improved slightly to 0.898%. While this was an improvement from November 20, it still implied that SHIB was not much of a point of interest for the crypto community.

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 lately.

Social volume and social dominance of Shiba Inu

Source: Santiment

On the pluses and minuses for SHIB

Upon further evaluation, it was not “broken” for SHIB, as reflected in positive and negative feelings. At the time of writing, positive sentiment was at 32.87, while negative sentiment remained at 1612.

With a difference of nearly double, it appears investors were unfazed by SHIB’s consistent underperformance. It was therefore likely that the long-term view of the token would produce profits. Nevertheless, expecting a short-term recovery might be off the mark.

Shiba Inu feeling positive and negative

Source: Santiment

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