Shiba Inu's 37% Surge Suddenly Fades Amid Whale Selling
Shiba Inu's (SHIB) price surge of 37% over two days was short-lived, as it immediately turned down after reaching $0.00000537.
The coin's sudden rise in value was accompanied by increased momentum buying from retail investors and a surge in transactions by large holders, with 52 transactions worth $100,000 or more detected on the Shiba Inu network over 24 hours, the most since late March.
According to Santiment, whale investors may have moved to realize profits as public attention increased, while the increased market liquidity from retail momentum buying created conditions for large holders to sell without sharply pushing down prices.
The high wallet concentration in Shiba Inu was also noted, with wallets classified as whales holding 94.64% of the total supply, but it does not necessarily mean actual market dominance by a small number of whales.