Shiba Inu (SHIB), popular among Turkish altcoin investors, has witnessed $3.55 million in sales, in a new report from whale watching bots.
Altcoin whale sells large volumes of SHIB, suppressing price
During the price surge of recent days, a huge crypto whale chose to sell 443 billion SHIB. According to the data, 318.3 billion SHIBs worth $3.55 million were advised during this time. Thus, the Shiba Inu (SHIB) price rally is interrupted, fueled by the Shibarium update and the purchase of Ethereum (ETH) whales. Meanwhile, Ethereum (ETH) is down more than 9% within hours. Whale watching bots reported a massive whale trade shortly after the massive SHIB price surge, which may have been the cause of the recent price drop.
This could be the reason for the Shiba Inu price drop
Whale addresses moved over 443 billion Shiba Inu Coins (about $5.1 million) in a single transaction, according to WhaleAlert data. The reported transaction involved depositing SHIB tokens on the OKEx cryptocurrency exchange. Shiba Inu prices have been falling steadily for the past day. According to data from Coinglass, approximately $3.55 million was liquidated in 318.3 billion Shiba Inu Coins in the last 24 hours.
However, the total crypto market liquidation in the past 24 hours has exceeded $239 million. Over 56,725 traders exited the market with their funds. The largest liquidation order ever recorded was $3.23 million.
Altcoin whales leaving Shiba?
Looking deeper, it seems that Ethereum whales are melting Shiba Inu balances. On Wednesday, we saw that the top 100 ETH whales had around $616 million in SHIB. The total hodl value is now estimated at around $598.7 million. Shiba Inu has been named one of the top ten tokens sold by the biggest ETH whales. However, SHIB remains the most valuable token among ETH whales.
Could Shibarium be the game changer?
On this topic, lead developer Shytoshi Kusama expressed his thoughts on how members of the SHIB community will react when Shibarium is finally released. According to a Telegram screenshot, Kusama stated on the messaging app that fans of the project may not celebrate when Shibarium launches.
Members of the Shiba Inu community have been waiting for the release of the Shibarium Beta for months. However, the L2 network has faced several technical delays that halted its launch. Understandably, members of the SHIB community are awaiting the launch of Shibarium, given the recent hype L2 Blockchain has been receiving.
cryptocoin.com As we reported, Kusama announced this week that the upcoming L2 mesh is currently being developed to survive and thrive in the harshest winters.
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