According to a new report, Shiba Inu has reclaimed its position as the ERC-20 king among some of the Ethereum giants, or the top 1,000 largest wallets on the network. ‘SHIB has reclaimed the number one spot.’ Shiba Inu suffered a major 50% market price correction, which resulted in a loss of market capitalization and, more notably, notoriety among Ethereum whales. Whales decided to divert their attention to certain other tokens, which they appear to assume have a larger potential for growth than SHIB: BEST, OKB, and CRO, among others.

However, after the worldwide sell-off in the cryptocurrency industry, whales switched their holdings to more “conventional” tokens, which today maintain the top spot amongst ERC-20 holdings with a 17.4% share of the market capitalization. According to estimates, whales already own upwards of $2.3 billion in SHIB. The coin itself maintains a market capitalization of approximately $26 billion, with the majority of its investors being mid-term investors such as traders. The meme-based coin had a $4 billion market capitalization when the downturn began on Nov. 15, and its value dropped as a result.

The Performance Of SHIB On The Stock Market During The Downturn

It was at the close of October when Shiba Inu’s market value reached a high of $51 billion when the token traded for $0.00008 for a short period of time. The statistics from the blockchain and marketplace history indicate that the addresses associated with whale-tier addresses lost a considerable quantity of SHIB on their journey to the top. The proportion of individual traders on the market climbed when the token retraced from its apex.

However, it began to decline as SHIB lost 50% of its value and became a less attractive investment choice among minor traders as the token’s value declined. According to a recently published study, the development cycles of SHIB were shown to have a significant relationship with social appeal. It is owing to the dearth of selling pressure created by the majority of retail traders that the value of the token increases after the public “forgets” about it.

ZenGo Has Added Support For Shiba Inu

Per the official statement, ZenGo, the world’s inaugural keyless non-custodial crypto wallet, has announced that its customers will now be free to transact and keep the Shiba Inu token. In a statement, Ari Gore, the director of communications at ZenGo, stated that the firm is thrilled to promote SHIB since the network is vivid, innovative, and passionate. ZenGo wallets are produced with the use of face biometrics, which has the potential to alleviate the current issues associated with keeping cryptocurrency.