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Ethereum Whales Sold a Massive Amount of SHIB Tokens Amid Its Surge


Ethereum Whales Sold a Massive Amount of SHIB Tokens Amid Its Surge
  • 1.5 trillion SHIB tokens worth $20 million were sold by ETH Whales.
  • Recently, SHIB experienced an 86% net outflow from the holders.

As per the latest data from the blockchain wallet tracker, Whale Stats the richest Ethereum (ETH) whales traded 1.5 trillion Shiba Inu (SHIB) tokens for $20 million, in the last two days. The massive sale occurred following the recent surge of (3%) Shiba Inu. SHIB, which had previously been the most held token in the top 100 ETH wealthy list, fell to fourth place as a result of the large sell-offs.

Rapid Surge of Shiba Inu

The statistics also show that the SHIB experienced an 86% net outflow from holders and the active whale addresses decreased by 33% in the previous day. Additionally, the SHIB whales presently control 19% of the coin’s circulating supply.  Almost the past two weeks, the meme coin has increased by over 40%, indicating that ETH whales recognized a weekend opportunity for profit-taking.

Although the whales have been a significant factor in SHIB’s price movement, retail traders and SHIB community members have been aggressively focused on lowering the coin’s supply through token burning to raise the price. Whales are anticipated to return to the SHIB fold, though, since they often buy the currency following every sell-off, according to the top 100 ETH rich list. The whales are most likely to enter the market during the upcoming decline 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 surged up 2.20% in the last 24 hours. SHIB currently holds 12th position in the global crypto market, as per CMC

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