Shiba Inu [SHIB] The whale is crouching. Can retailers raise prices?

Shiba Inu has been criticized by many market participants because of its ‘meme-coin’ nature and whales tend to dominate the SHIB market more often.

The dominance of whales makes SHIB more vulnerable to dumps. It also puts ordinary investors at risk, who have jumped into the fad due to fear of loss (FOMO). However, the tide has changed over the past few weeks, leaving control in the hands of merchants instead of whales.

Shiba Inu rested?

Interestingly, May 9th was the worst day for the cryptocurrency market as more than $200 billion or around 14% of the total cryptocurrency market cap was exhausted in 24 hours. Although about $84 billion has now been recovered.

Total cryptocurrency market cap | source: TradingView – AMBC Crypto

But that doesn’t remove the fact that May 9th left a lot of people in the crypto market devastated, including Shiba Inu holders.

This particular group of investors is accustomed to excessive volatility, but it was still unexpected to witness a 24.16% drop in one day. This is the biggest daily decline since the 1036% rally recorded by the SHIB in October.

SHIBUSD 2022 05 10 16 24 01

Shiba Inu price action | Source: TradingView – AMBCrypto

These last 24 hours are the first time that SHIB transaction losses in 2022 have hit double-digit trillions. The crash caused investors to relocate their holdings, costing more than $10 trillion in SHIB losses, worth about $167 million.

SHIBA INU SHIB 16.23.31 10 May 2022

Shiba Inu Trading Loss | source: Santiment – ​​AMBCrypto

At the time of writing, over 86 million SHIB holders have profited. Now, rRecovery from here is sustainable if the whale’s movements are kept slow and low. Whale trade declined significantly to an average of $21.2 million.

ITB shib number of large transactions 2022 05 10T10 49 07.442Z

Shiba Inu whale trade | source: Into the Block – AMBCrypto

This allows SHIB to invite some serious investors who have brought life to the long-term holders (LTH) community. Today, these LTHs account for 4.73% of all holders, making SHIB a slightly more substantial asset than it used to be.

ITB shib addresses by time held 2022 05 10T10 48 41.401Z

Shiba Inu Investor Distribution | source: Into the Block – AMBCrypto

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