The most recent correction in the crypto market has affected minor altcoins with the same magnitude as the big ones. During this sell-off, SHIB lost about 35% of its previously gained value but recovered 30%.
Strong recovery after $400 million dump
Before that, Shiba Inu whale and large holder sold $400 million SHIB but bought back about $100 million. Strong selling pressure comes after the token loses a few percent of its value.
The recovery move started after strong buying power from major retail wallets. Bitcoin, ETH recover 1% at press time and SHIB follows the larger coins.
According to market and on-chain data, the Shiba Inu whale is in no hurry to buy back large volumes of tokens after the massive sell-off. The volume indicator shows that the market is still remaining cautious and most traders avoid large orders and trades.
Most holders are still profitable
According to the IntoTheBlock indicator, even though the SHIB correction drastically reduced the value of the token by more than 60%, the majority of holders were still profitable.
A total of 64% of SHIB holders are currently trading or holding a profitable token, while less than 30% of traders are losing money, and 7% of holders are breaking even.
If SHIB loses another 14% of its value, most of the market will lose, leading to stronger selling pressure. This will aggravate the current state of the token.
Whales buy 99 billion SHIB when prices recover
According to Whalestat, a whale just added 99 billion SHIB, worth $3,799,999 to its portfolio. SHIB price is bouncing back after hitting as low as $0.0000321 during the market sell-off on Dec 4.
SHIB whales often take advantage of periods of deep price drops or micro-consolidation to increase their holdings, with millions of dollars pouring into SHIBs in such cases.
This time it was no different when a BNB whale added 99,999,999,999 SHIB, or $3,799,999, to its holdings. The figures come after tracking platform WhaleStats analyzed the top 1,000 ETH wallets.
On December 3, major entities have been steadily accumulating tokens following an impressive 800% rally in October.
SHIB is considered a DOGE replacement meme token, operating on Ethereum. This altcoin has steadily increased in price over the past 12 months and at one point surpassed DOGE, becoming the 10th largest cryptocurrency by market capitalization.
SHIB currently ranks 13th according to CoinMarketCap data and trades at $0.00003663 as of press time, up 8% over the past 24 hours.
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