In January 2023, Shiba Inu (SHIB) gained nearly 50% in value. Altcoin was gaining due to pumping by the largest addresses.
However, Whales resumed selling tokens in February after SHIB peaked in the first half of last month. In March, the coin fell almost 15% to $0.00001098.
The digital currency’s capitalization has declined another 0.5% to $6.03 billion in the past 24 hours. SHIB is getting cheaper despite liquidating more than 170 million tokens.
According to Shibburn, 170,718,939 coins were removed from circulation and burned in seven days.
At the same time, WhaleStats analysts recorded another surge in activity from the largest Ethereum addresses.
100 Whales placed 12% of its capital in Shiba Inu for up to $601.2 million.
This digital asset tops the list of altcoins in which whale wallets are invested. It is quite possible that another SHIB pump is being prepared, and in March the token could recoup its February losses.
According to IntoTheBlock, 64% of Shiba Inu holders are now bearing losses, while the share of profitable addresses has fallen to 31%.