Shiba Inu Whale moves over 4 trillion tokens as 91% of holders endure losses

Digital assets have experienced turbulence over the past few weeks, and Shiba Inu isn’t an exemption. Meanwhile, evaluating SHIB’s current state shows that profiting from this meme coin is a rollercoaster ride.

Whale moves Shiba Inu amid deteriorated profits

🚨 🚨 4,587,030,677,374 #SHIB (32,409,665 USD) transferred from unknown wallet to unknown wallethttps://t.co/Mbf5ejiaYb

— Whale Alert (@whale_alert) October 16, 2023

Whale Alert confirms that a wealthy investor transferred 4,587,030,677,345 Shiba Inu tokens worth around $32,409,655 to an unknown wallet.

Meanwhile, the whale transfer comes as SHIB holders endure substantial losses. IntoTheBlock data shows a staggering 91% of Shiba Inu investors are at a loss at the alt’s current price. Further, 1% of SHIB holders are at a break-even point.

The canine-themed crypto changed hands at $0.000006833 at this publication. The meme coin has dropped by 92% from its $0.00008616 all-time high of October 2021. The staggering price plunge has left most investors in a precarious position, suffering enormous losses.

Moreover, invezz.com reported that cryptocurrency whales are seeking Shiba Inu alternatives, including Litecoin and Cardano, following the massive value decline.

Shiba Inu’s price swings

One thing behind Shiba Inu’s fluctuating profitability is the price volatility the asset has been experiencing and its holder composition. The altcoin saw momentous oscillations within the last few months as trading volumes remained overwhelming. The volatility undeniably contributed to SHIB’s current financial status.

Also, it is noteworthy that whale holders control 78% of Shiba Inu’s circulating supply. That shows dip-pocketed investors have a significant influence in shaping the altcoin’s trajectory.

Shiba Inu’s potential upside

While Shiba Inu’s current state appears gloomy, analyzing price trends gives investors some hope. The altcoin has seen recoveries after each substantial fall, forming a somewhat zig-zag formation.

The pattern suggests an impressive correction for SHIB, a usual case in the crypto world. Further, it indicates the altcoin’s resilience and the ability to rebound from its downtimes.

Furthermore, the SHIB price hovered beneath a local resistance that has challenged its upside stance. Reduced action by whale holders amid the current battle to surpass the resistance can attract bulls to trigger steady uptrends.