SHIB and Ethereum whales are emptying their wallets amid the recent downturn. The Shiba Inu in particular witnessed multiple transactions carrying billions of tokens.
Shiba Inu whales drain billions in drop in SHIB price
The SHIB price has experienced some rough ups and downs in recent days. Meanwhile, several leading wallets have transferred around 6 billion SHIB to the two crypto exchanges via multiple transactions, according to Etherscan data.
A significant amount of SHIB was recently transferred to two of the largest crypto exchanges, Uniswap and Binance. Transfers include multiple transactions, the largest of which carries 2,208,284,207 and 1,472,189,471 SHIBs, respectively.
The purpose of these transfers was to sell Shiba Inu, which was triggered by the previous price increase. The total value of these transfers was significant, as the recent overnight price increase put the value of 6 billion SHIB to $64,440.
Large amounts of Ethereum flow to exchanges
Ethereum is facing another turbulence as it experiences massive flow of funds to exchanges. According to the latest data, this surge in Ethereum inflows coincides with its price dropping below $2,080.
Last week, Ethereum dropped 3.51%. The bulls have barely managed to hold prices above the $2,000 support zone. However, when Bitcoin was rejected at $30,000, Ethereum also saw a drop in value. Despite this bearish trend, ETH managed to increase again. At the time of writing, it is trading just below the $1,900 resistance.
What on-chain data says about Ethereum
The MVRV ratio, which measures the average profit or loss of all addresses that bought ETH last month, dropped to negative values from a three-month high in mid-April. This drop was the result of heavy selling pressure over the past two weeks as ETH fell from 2,125 to 1,820.
MVRV values show that short-term ETH holders are at a loss. However, it does show that the average age of cryptocurrencies hasn’t changed much in the past week. However, it has moved up a bit over the past few days.
Ethereum price could drop further
Considering the current market sentiment and technical indicators, Ethereum is likely to see more losses in the coming days. If the bears continue to dominate the market, it could break the $1800 support level. After that, the next target for the bears will be the $1,600 range.
However, if the bulls manage to gain momentum, Ethereum will potentially head to the $2,000 range. The 4-hour chart shows resistance at $1,890. If this level is broken, it will lead to a potential price increase.
What is the price of the Shiba Inu (SHIB)?
The transfer of approximately 6 billion Shiba Inu to these exchanges in multiple transactions followed by the purchase of several billion tokens by a whale investor indicates continued interest in SHIB among influential investors.
These trades also show that whale investors are keeping a close eye on market trends and possibly making calculated moves in line with their expectations.
cryptocoin.comAs you can follow, SHIB spent Friday with sideways movements after the last drop. It is currently trading in the $0.000102 region where it has lost 1.2% on the day.
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