Here’s Why Shiba Inu Holders Don’t Want To Sell

Despite Shiba Inu’s major price drop in recent weeks, most investors still seem unwilling to sell their SHIB.

Whales buy SHIB on

Whales are buying up SHIB tokens. SHIB has a dominance of about 7% in the top 1000 Ethereum whalewallets. This surpasses all other tokens, with the whales owning more than $1.5 billion in SHIB tokens according to WhaleStats.

Many Shiba Inu whales now seem to be losing money on their SHIB investment. According to the blockchain intelligence platform, IntoTheBlock, about 38% of SHIB holders have less money than what they bought the tokens for.

Source: IntoTheBlock

Despite this, the investors are not inclined to sell their SHIB tokens. This is despite the price falling about 65% from its all-time high of $0.000087 in October.

Sentiment guided by developments in the SHIB ecosystem

The strong holding sentiment among SHIB investors may be due to the level of acceptance associated with certain recent developments.

Earlier this month, Shiba Inu wallets reached a remarkable 1,070,000 addresses. In doing so, they exceeded the 1 million mark.

Recent announcements from the Shiba Inu Core Developers (SICD) have sparked optimism about SHIB’s future. According to Eric M., a Shiba Inu Core developer, market participants should be on the lookout for Shibarium “soon”. Shibarium will be Shiba Inu’s layer 2 scaling solution.

The L2 solution should make transactions cheaper and faster than they are today on the Ethereum-based blockchain network. It will also play a big part in improving the user experience of Shiba Inu’s own version of the metaverse. This one is in the works according to the pseudonymous creator of the meme coin, Ryoshi.

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