Things continue to look ambiguous for the popular meme-inspired cryptocurrency, Shiba Inu (SHIB). From a certain point of view, this is a so-called “nothing burger”, because literally nothing happens on SHIB’s price board or behind the scenes on the chain’s grounds.
However, a different angle opens up a statistic that is both intriguing and depressing, as the Shiba Inu token’s key metric has seen a 99.28% decline over the past seven days. The metric in question is the Large Holders Netflow presented by In the blockwhich tracks the amount of even cryptocurrency entering wallets that hold no less than 0.1% of the circulating SHIB supply.
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A week ago today, the volume of Shiba Inu the tokens absorbed by the richest investors literally amounted to billions. Fast forward to December 30, and it’s not even six billion SHIB, which translates to just $132,000.
What happened?
Although the exact reason why whales abandoned the Shiba Inu ship is unknown, the answer can be found in the extreme correlation between the cryptocurrency market and traditional finance. With the launch of several Bitcoin and Ethereum ETFs this year, crypto has become more correlated to TradFi than ever.
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As a result, when traders close their offices and say goodbye to vacations, volumes in the crypto market also fall. This may have happened with SHIB Additionally, and if true, no significant price movement or whale activity is expected at this time.
However, when everyone gets back to work, we may see some volatility again, which in turn will be caused by the same whales returning to the market.