According to Glassnode, since mid-December, there's been a 4% decrease in Shiba Inu (SHIB) cryptocurrency on exchange addresses, from 166 trillion at the end of last year to 159 trillion by mid-January.

On the night of January 16, the altcoin's value dropped to $0.000009637, reducing its market capitalization by 12% to $114.845 million. The cryptocurrency lost nearly 30% of its value over the month. Currently, large investors, or "whales," control $24.9 million in SHIB.

Most of these tokens have been moved to independent wallets by large investors, who started buying after smaller and medium addresses began selling the digital currency. However, weak address activity hinders the recovery of its value. The number of wallets participating in daily transactions fell to 2808, the lowest since October 16.

Since the end of December, Santiment reports increased whale activity, including more transactions over $100,000 and $1 million. Yet, most SHIB address owners are still at a loss (56.42%), while 35.63% of holders are profitable.