- Ethereum whales sold a large number of SHIB tokens amid abysmal performance
- SHIB’s long-term sentiment could be positive as investors remained hopeful about their actions
Shiba Inus [SHIB] stay at the top of Ethereum holdings [ETH] whales could be threatened due to a marked reduction in farms. This was because these whales have sold about $5 million worth of tokens in the past four days.
Read Shiba Inu’s price prediction for 2023-2024
According to WhaleStats, the top 1000 ETH whales had about $76 million SHIB. However, the decline became too striking when the whale tracking platform revealed that the comprehensive top 2000 held just over $70 million.
🐳 The top 2000 #ETH whale hodling
Whale Leaderboard 👇https://t.co/R19lKnPTii pic.twitter.com/Ih0J1Ma5so
— WhaleStats (crypto whale tracking) (@WhaleStats) November 22, 2022
The wait doesn’t last forever
Action from the deep pocket investors could have been a long time coming, especially since SHIB failed to return the loyalty shown. Remember that the currency, until last week, showed no sign of an edge toward outstanding performance.
At the time of writing, it was almost the same situation as SHIB lost 3.85% in the last 24 hours. Hence, some of these whales may have considered that it was time to put the long accumulated losses behind them.
Consequently, the impact was already visible on SHIB apart from the price drop. According to Santiment, the market value to realized value (MVRV) ratio had dropped to -7.08%.
Despite the attempted increase on November 19, the MVRV ratio is indicated that retail investors had also felt the wrath of a sell-off. This subsidy thus meant that it became more difficult for holders to make a profit, even though SHIB remained 90.91% below its all-time high.
In addition, SHIB’s performance according to the social statistics wasn’t impressive either. Santiment’s data showed that social dominance improved slightly to 0.898%. While it was an improvement from November 20, it still implied that SHIB was not much of a focus for the crypto community.
Social Volume was worse off with its rank, which was 46 at the time of writing. This implied that there has been minimal cryptocurrency search volume in recent times.
About pluses and minuses for SHIB
On closer inspection, it wasn’t “down and out” for SHIB, like reflected in the positive and negative sentiments. At the time of writing, positive sentiment was 32.87, while negative sentiment remained at 1612.
With a difference of almost double, investors seemed unconcerned about the continued underperformance of the SHIB. So it was likely that the token’s long-term view would yield profits. Nevertheless, it is probably out of the question to expect a recovery in the short term.