The latest data shows that several Ethereum whales have sold $7 million worth of SHIB. SHIB selling whales are switching to another altcoin to capitalize on Binance news.
Whales sold half a billion SHIB before crash
The WhaleStats team reported that over the past few days, the supply of Shiba Inu held by the 100 largest Ethereum whales has dropped by nearly $7 million. Meanwhile, Shiba’s value in wallets dropped from $134 million to $126,805,312. SHIB still occupies 5.12% of these portfolios.
The second-largest meme token gradually dropped, while whales preferred to sell in intervals. SHIB price surpassed the $0.00001119 level on Friday, October 7. On October 11, it lost more than 6% in an hour. Thus, it recorded a large red candle on its chart. As a result, the whales managed to get rid of them before the price suddenly dropped.
Major investors evaluate Binance news
The data revealed the whales’ interest in LUNC, alongside the million-dollar SHIB sales. Terra (LUNA) price suddenly jumped over 25% to reach $3.08 on Wednesday. The price surge came as the LUNA worm hole token became the top hodl among the top 100 Ethereum whales in dollar terms. LUNA thus surpassed Lido Staked ETH (stETH).
According to WhaleStats, LUNA has surpassed Lido Staked ETH (stETH) to become the largest hodl in dollar terms among the top 100 Ethereum whales. LUNA accounts for a total of 25.06% of all tokens excluding ETH. Held by the top 100 Ethereum whales, the total value of LUNA is almost $820 million. LUNA even surpassed the USDC and USDT investments of the 100 largest whales.
Terra (LUNA) started the rally as the whales used the Wormhole protocol to exit liquidity. Terra (LUNA) quickly rose to $3.08. In the last few hours, the trading volume has reached almost 150%.
LUNC price under pressure as LUNA gathers investors
Terra Classic (LUNC) price is also under pressure ahead of US CPI data and higher US dollar index (DXY). LUNC price is currently trading at $0.0002875. The 24-hour low and high were $0.0027 and $0.00030, respectively.
Meanwhile, the news surrounding Terra was about Binance supporting token burns. Binance announced that as of September, it has completed the first burn of LUNC transaction fees. cryptocoin.comAs you follow, Binance announced on October 10 that it burned approximately 3 billion Terra Classic (LUNC). That’s roughly $1 million.
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