Holders play a significant role in the success of a crypto project. They discourage massive selloffs and showcase a bright future for a crypto ecosystem. Much like whales, studying the trend of digital asset holders is essential. If holders increase, a project is more likely to flourish shortly. However, if the holding wallets of a given Web3 platform reduce, the ripple effect affects the overall price, causing a shockwave of bearish trends. Recently, on-chain analysis from blockchain explorers shows long-term Shiba Inu holding wallets are cashing out SHIB tokens and buying BTCS tokens. Why is Shiba Inu down so much?
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