cryptocurrency

Ethereum whales have sold a massive amount of SHIB tokens amid their surge

Ethereum whales have sold a massive amount of SHIB tokens amid their surge
  • 1.5 trillion SHIB tokens worth $20 million were sold by ETH Whales.
  • Recently, SHIB saw a net outflow of 86% of owners.

according to Latest data From a blockchain wallet tracker, Whale Stats, the richest Ethereum (ETH) whale, has traded 1.5 trillion Shiba Inu (SHIB) coins for $20 million, in the past two days. The massive sell-off occurred after the recent surge (3%) of Shiba Inu. SHIB, which was previously the most wealthy ETH 100 coin, fell to fourth place as a result of the massive selloff.

The rapid boom of the Shiba Inu

The stats also show that SHIB saw a net influx of 86% of owners and active whale addresses were down 33% in the previous day. In addition, SHIB whales currently control 19% of the coin’s circulating supply. Over the past two weeks or so, the meme has increased by more than 40%, indicating that ETH whales have recognized the weekend’s profit-taking opportunity.

Although whales have been an important factor in SHIB price movement, retailers and members of the SHIB community have been aggressively focused on reducing the supply of coins by burning tokens to drive up the price. The whales are expected to return to the SHIB barn, although they often buy the coin after every sale, according to the list of the 100 richest ETH. Whales are more likely to enter the market during the next dip and take advantage of the dips.

Meanwhile, at the time of writing, Shiba Inu is trading around 0.00001318 with a 24-hour trading volume of $408,627,325. The meme-coin is up 2.20% in the last 24 hours. SHIB currently ranks 12th in the global crypto market, according to CMC.

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