Shiba Inu price drops further despite being whales’ favorite

As the crypto market started to fall earlier this month, the second largest meme coin, shiba inu (SHIB), registered consecutive losses for nearly a month — recording price drops for the third consecutive week.

SHIB is down by another 2% in the past 24 hours and trading at $0.0000085 at the time of writing. The asset’s market cap is closing to the $5 billion mark from the local top to $6.3 billion in late April.

SHIB price – May 22 | Source: Trading View

Despite the price drop, shiba inu’s 24-hour trading volume has risen tremendously over the past day. SHIB’s trading volume surged by 51% in the past 24 hours, reaching almost $81.9 million — nearly $81 million belongs to centralized exchanges (CEXs).

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Moreover, SHIB holders haven’t burned many tokens over the past month. According to a tweet by Shibburn, only 50.7 million tokens — worth around $435 at the time of writing — have been sent to dead wallets in the past 24 hours.

The drops come as the total number of transactions on SHIB’s layer-2 blockchain, according to a crypto YouTuber, Ajay Kashyap, surpassed the 10 million mark with over 921,000 blocks in total.

Furthermore, data provided by WhaleStats shows that shiba inu is still the most traded asset among the top Ethereum whales as the global crypto market cap drops to the $1.1 trillion mark. Per the data, the top 100 SHIB whales still hold $26.85 million worth of the token on average.

According to WhaleStats, the top 100 shiba inu whales haven’t made a move since late April.

Read more: Shiba Inu price drops to a 5-month low as the burn rate falls