Shiba Inu’s Early Whales Still Driving Market Trends, Report Shows

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March 19, 2025 by Kashif Saleem

Shiba Inu surged to $0.00001360 but quickly fell, now down 3.17% at $0.00001254.
Early Shiba Inu whales influence price swings, with Glassnode tracking their trading patterns.
Key indicators like the Herfindahl Index and NUPL suggest whales took profits after peaks.

Shiba Inu started the week on a high, reaching $0.00001360 on Monday, riding the wave of a market rebound. But excitement faded quickly as it retraced to close at $0.00001295, wiping out all its gains. By today, it has dropped further by 3.17%, now hovering around $0.00001254.

This decline aligns with a broader downward trend for the meme coin, which has plunged 62.49% from its December peak of $0.00003343. Analysts are now pointing at early Shiba Inu whales, whose trading patterns appear to influence these price swings.

On-chain data firm Glassnode recently reported a strong correlation between SHIB’s price action and these early holders’ activities. Historically, when they accumulate, the price surges, but when they sell, the market follows with a steep drop.

Shiba Inu Whale Accumulation Trends

A closer look at past trends reveals how Shiba Inu’s first major investors shaped its trajectory. Before the explosive rally in November 2021, these whales had already secured 20% of the total supply. Their aggressive accumulation phase began around July 2021, with purchases exceeding 117 trillion SHIB.

Glassnode’s report used three key indicators to track these movements: the Herfindahl Index, the Net Unrealized Profit/Loss (NUPL), and the Cost Basis Distribution. Each of these tools paints a picture of market concentration, unrealized gains, and the price levels where these whales started accumulating.

The Herfindahl Index measures how concentrated the holdings are among big players. When this metric declines, it signals that early investors are offloading their holdings. Meanwhile, NUPL tracks whether most holders are sitting on profits or losses, often foreshadowing a market dump when unrealized profits peak.

Sell-Off Signals and Market Sentiment

The final indicator, Cost Basis Distribution, reveals the average entry price for major SHIB holders. While it doesn’t explicitly show when they will sell, it offers insight into when they might be tempted to cash out. These three metrics collectively confirm that early investors took massive profits after SHIB peaked at $0.00008854 in November 2021, before the bear market in 2022.

This pattern isn’t unique to SHIB. Glassnode found similar trends in other speculative assets like Pepe, APW, and TSUKA, reinforcing the idea that early whale activity often dictates price direction. Their movements indicate shifts in market sentiment, helping traders anticipate when the next peak—or crash—might happen.

Interestingly, despite their past influence, these whales have been unusually quiet recently. Their inactivity is stirring speculation across the Shiba Inu community, with some wondering if another major shift is coming soon. If history is any guide, their next move could decide whether SHIB breaks out or continues its downward slide.

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