thecoinrepublic.com
- 1 Shiba Inu’s (SHIB) price observes a new low.
- 2 RenQ Finance is a new competitor in the DeFi market.
- 3 DOGE and RENQ seemingly look like offering greater long-term stability and growth potential.
Shiba Inu’s (SHIB) price increase, boosted by the Shibarium update and the acquisition of Ethereum (ETH) whales, hit a new low on Thursday. The value of the second-largest meme cryptocurrency in the world has dropped by more than 9%. Just after the significant SHIB price pump, the whale tracker picked up a sizable whale transaction, which may help to explain the subsequent price fall.
Whale addresses have exchanged more than 443 billion Shiba Inu coins—roughly $5.1 million—in a single transaction, according to WhaleAlert. This transaction involved the deposit of SHIB tokens into the OKEx cryptocurrency exchange.
ETH Whales’ most-held token remains the same. Following the cost of Shiba Inu that has been steadily declining throughout the preceding day. According to data, 318.3 billion Shiba Inu coins were exchanged for a total value of about $3.55 million on the previous day on the cryptocurrency market.
Shibu Inu facing sell-off
Shiba Inu (SHIB), formerly a rising star in the cryptocurrency market, is currently experiencing a significant sell-off from whales, leading investors to search for alternatives. In this environment, SHIB whales actively accumulate Dogecoin (DOGE) and RenQ Financial cryptocurrencies (RENQ).
Dogecoin has been around for a while and became well-known as a cryptocurrency inspired by memes, but RenQ Finance is a relatively new competitor in the DeFi market.
Yet, because of its distinct method of yield farming and liquidity provision, RenQ Finance is quickly distinguishing itself as a market leader in cryptocurrencies. Recently, $RENQ successfully generated $2 million in a presale and is quickly garnering the confidence and interest of the cryptocurrency world.
Understanding Shibu Inu and Whales
Undoubtedly, the top Ethereum whales now own less Shiba Inu than previously. The top wallets on the Ethereum blockchain are monitored by Whalestats.com. Shiba Inu was worth more over $1.5 billion to Ethereum whales as of the beginning of March. The amount now stands at almost $824 million.
Therefore, it would be incorrect to assume that Ethereum whales are no longer interested in Shiba Inu. Shiba Inu seems to be the cryptocurrency that the biggest investors choose these days over all others. According to Whalestats, Ethereum whales currently hold more SHIB tokens than any other token save Ether. The honor belonged to FTX in February (FTT).
The whales have sold off significantly more FTX than Shiba Inu for the past few months. At the beginning of March, the biggest holders of FTX held more than $1.6 billion in ether. That sum has now been cut in half to about $744 million. Top Ethereum whales reduced their holdings in Decentraland (MANA 0.77%) by more than 60% during the same time frame.
Shifting interests of Whales
RenQ Finance is a popular coin that SHIB whales use (RENQ).
Due to its spectacular presale, and special features, including its AI-based trading algorithms, and its multi-chain interoperability, RENQ is a relatively new coin that has attracted interest in the cryptocurrency community. Due to its solid foundation and unique approach to DeFi, RENQ has also been named one of the most promising coins of 2023 by a number of crypto specialists.
Dogecoin (DOGE), which has been around for much longer and has a more credible track record, is another coin that SHIB whales are supposedly accumulating. Since Billy Markus, the coin’s developer, has been promoting DOGE as a tool to help charity causes, the coin has witnessed a surge in popularity. Several large companies have also embraced DOGE.
Conclusion
The simple fact that SHIB’s hype cycle may have peaked and investors are searching for other prospects is the cause for the switch from SHIB to DOGE and RENQ.
Another is that, with established use cases and robust communities supporting them, DOGE and RENQ offer greater long-term stability and growth potential.