Shiba Inu (SHIB) Small Holders Abandoning The Digital Asset?

Popular dog-themed meme coin Shiba Inu has taken a hit as its small wallet holdings have witnessed a significant decline in the midst of general market uncertainty

The popular meme coin Shiba Inu (SHIB) has encountered a setback as its smaller wallet holdings have witnessed a significant decline amidst general market uncertainty, which has instilled heightened fear among cryptocurrency investors.

According to a recent report by Santiment, a leading market intelligence platform, the number of Shiba Inu wallets containing small quantities of SHIB has plummeted to its lowest point in almost two years. This development could indicate a potential shift in attitude among retail investors.

Specifically, wallets holding less than 1 billion SHIB are typically classified as small holdings. Santiment noted that the last time the numbers were this low was in November 2022. The decline in smaller wallets coincides with unstable market conditions, which could raise concerns about SHIB distribution going forward.

While SHIB’s smaller wallets have dwindled in comparison to Dogecoin (DOGE), the largest meme coin, the platform highlighted that Shiba Inu’s retail traders appear to be displaying a great deal of relief. The drop signifies that smaller wallets, despite the FUD spreading over the network, are largely empty, with large wallets containing 1 billion SHIB and above controlling the majority.

Furthermore, Santiment pointed out that there has been an extremely low degree of social discussion about Shiba Inu since late July, and this trend has essentially continued throughout the year. Considering how many smaller retail traders have been exiting the asset at a rapid rate, this decline in social interactions illustrates traders’ dissatisfaction and lack of interest in SHIB.

Overall, Santiment has labeled SHIB as the worst-performing Dogecoin in 2024 due to the substantial drop in both average and long-term trading returns. According to the platform, the long-term trading returns have decreased by an astonishing -31.7%, while the 30-day average trading returns have fallen by just -1.1%. However, once Bitcoin (BTC), the flagship crypto asset, is able to stabilize and altcoins can once again thrive, this development has the ability to position the meme coin for great success in the upcoming months.

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