Shiba Inu (SHIB) Achieves Largest ERC-20 Wallet Share, Can it Help Get Back the Bulls?
Shiba Inu ($SHIB) continuous to show strong on-chain metrics despite a recent slump in price below the critical support of $0.00005. $SHIB became the largest ERC-20 holding wallet with over 21% in share, leaving the likes of Chainlink, OKB, and USDT wallets behind. While $SHIB’s ERC-20 holding is currently at $2.3 billion, but it reportedly took a massive dive right after the WhaleSats account shared a tweet regarding the same.
Shiba Inu’s ERC-20 share reportedly fell from 17.44% to 3%, sharply after the tweet made by the official account. However, it is not clear whether it was a glitch in the app or a gap in the data processing. This is quite a common occurrence for crypto price tracking websites like Coinmarketcap where if you refresh the data it shows the Cache data saved in the browser for the first few seconds before returning to the live price.
🥳 #ShibArmy Congrats! The King is coming back!
🏆 #SHIB flipped #BEST, #OKB and #CRO to become biggest ERC-20 hodling (17.44%) among the top 1000 ETH wallets with total value of $2,371,207,191
Source: https://t.co/jGSeQ3uXfo pic.twitter.com/WVGOpmcYjf
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) November 17, 2021
Shiba Inu’s ERC-20 dominance might give a glimmer of hope to the SHIB community, however, the declining volume of transactions and wallet addresses indicate the bears have finally caught up with the meme currency.
Shiba Inu Slumps Below Critical Support
November has proven to be highly bearish for the Shiba Inu as it has lost nearly 50% from its all-time-high (ATH) of $0.000089 and currently trading at $0.0000478. The 24-hour price chart of the meme currency offers a grim picture of losing bullish momentum. In October, everything seemed to be going in its favor of the altcoin as it managed to overtake its arch-rival Dogecoin ($DOGE) with a near 1,000% surge and November is proving to be quite opposite.
Several updates in the first two weeks of November that should have helped the $SHIB price climb seemed to have little to no effect. This was primarily because the much demanded Robinhood listing came to a crashing end after the COO hinted they have no immediate plans of listing $SHIB. However, AMC Theatres, the cinema chain in the US announced it would add $SHIB payment support, and Kraken also hinted at a possible listing this week.
Given the overall crypto market has corrected sharply over the past week, Shiba Inu can hope for bulls to return with a change in market sentiment and upcoming listing on two major platforms.
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