Leading Ethereum memecoin Shiba Inu is down 16% following the major crash in the crypto market on May 9. According to data from coinmarketcap, Shiba is currently valued at $0.00001496 and has dropped in value by double figures within the time frame. 

In addition, the market capitalization of Shiba Inu is valued at around $8.8 billion down from $10 billion at the end of last week. The current dip affecting Shiba is part of a larger bearish market that has engulfed the crypto world in the past 24 hours. 

Crypto market turns red

Bitcoin is trading at $32,000, and the market shows no signs of recovering. This latest decline means BTC is down by 28.8% in 2022 and has recorded a downward trend for six weeks.

The same can be said for other cryptocurrencies in the market with stablecoin Terra USDT the worst hit losing its peg to the dollar. UST is down by 22.87% after the Luna foundation liquidated over $1.5 billion worth of bitcoin that was used as collateral to maintain its peg. 

Shiba’s biggest competition, Dogecoin, is also down double figures and has fallen off the top 10 largest crypto based on market cap. The memecoin is valued at $0.1086 and this is also the same for Solana, BNB and Cardano. 

Whales continue to buy Shib

Despite the massive selling off in the market, Shiba Inu has continued to attract the attention of whales who have continued to accumulate the memecoin. According to WhaleStats, the blockchain data tracking website, the top ETH whale “Bombur” has just purchased 56,946,679,217 (56.94B) SHIB, worth $1,070,028 ($1.07M) in a single significant transaction.

Surprisingly, this ETH whale hasn’t sold off even a single Shiba Inu token since April 13, 2022, as per data provided by etherscan.io.