Popular meme token Shiba Inu entered the recovery period fast after being hit by the incoming market trend.
The recent correction in the cryptocurrency market has severely affected minor altcoins as well as major league participants. During market sales, the Shiba Inu was hurt by approximately 35% loss in value. The recovery phase, led by the leading Bitcoin, turned the market green and caused the wounds to heal quickly.
Whales Back on Stage
Popular meme token Shiba Inu entered the recovery period fast after being hit by the incoming market trend. In Shiba, where earnings reached double digits, the price rose to $ 0.000038. According to 24-hour data, SHIB has kept pace with the recovery phase with an increase of over 15%.
During the bearish session, Shiba Inu whales sold $400 million worth of SHIB tokens. However, whales that have started buying again have already bought $100 million Shiba Inu. The strong selling pressure came as the token lost a few percent in value. The ensuing recovery started with the strong buying trend of the cryptocurrency market from major investor wallets. Leading Bitcoin and largest altcoin Ethereum continue the day with more than 8% gains.
According to market and on-chain data, Shiba Inu whales are in no rush to buy more tokens after a big sale. The volume indicator shows that the market is still cautious and most traders avoid large orders and trades.
In Majority Profit Zone
While Shiba Inu holders are going through a strong correction consuming more than 60% of the token value, the majority of holders in IntoTheBlock indicators are in a profit position. A total of 57% of Shiba Inu investors are currently actively trading tokens or holding their holdings in profit. 36% of investors are in the loss zone.
In addition, 7% took a position at the current price. A 14% loss of the Shiba Inu could trigger strong selling pressure in the market. In this scenario, the price of SHIB token may face a deep correction.