I keep getting asked about how to follow the whales and why the price dropped so steeply after the Oct 17 peak.
First – By following the blockchain records we can follow the whale trades. The reason why Shib dropped in price after the Oct 27 peak is that several whales moved but did NOT sell Shib. One of the original whales who owned 70T Shib moved 40T Shib worth $2.8B into 4 other Shib wallets containing 10T Shib each. The movement of 40T represented about 7.3% of the current total 549T Shib that was not burned so it was significant.
No one knows who the whale is or why the whale moved the Shib but the sudden move caused uncertainty in the market as to whether the whale plans to move the Shib into other crypto or stay in Shib.
This again shows the inherent volatility of Shib that the “army” and young investors just don’t understand. Again, the “army” has ZERO influence on the price of Shib. The cheerleading and other foolishness is a distraction. The entire “army” owns less than 2% and no matter how much the “army” buys or burns it does not matter and is inconsequential due to the total amount Shib as compared to Doge and other crypto.
I am holding and and bought more. Shib is still cyclical depending on what the whales do so watch the price, sell at the peaks, buy at the dips. Hold the Shib sale proceeds in a Shib wallet to avoid capital gains. Use it to buy back in at a dip.
What’s important and good news is that in the last week, several whales bought the dip—- on Nov 17th, a whale bought 170B Shib. On Nov 23rd, a whale bought 850B Shib.
Consider the fact there are now 1M Shib owners. The top 8 whale wallets hold 70% of ALL Shib. The next group of about 20,000 smaller whales own 28%+. The “army” containing ALL other Shib owners (about 980,000) own less than 2% of Shib.
If you want to follow the whales follow the ethereum blockchain.
Shib blockchain link: https://etherscan.io/token/0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
Shib is a coin listed on the blockchain. All trades are public. No idea who is buying or selling but the trades / transactions can be followed. This is not rocket science….
Due to the above recent whale activity, Shib rose 18% in value today.
There is no Shib “army”, Shib has nothing to do with dogs. Newer investors should ignore the constant cheerleading and scammers if you want to make money. Look at the Shib price chart for the last 8 months and you will see the obvious dips and peaks. Do some research, follow the whales.