The cryptocurrency market is struggling to find direction. While the leading crypto Bitcoin is fluctuating above and below $ 20 thousand, the popular meme coin Shiba Inu (SHIB) is also showing similar price movements. Amid the stalemate, the top 100 Ethereum whales sold 323 billion SHIB. So what’s behind this?
Whales continue to sell billions of Shiba Inu (SHIB)
Ethereum whales normally love the popular meme coin Shiba Inu (SHIB). That’s why they prefer to save on price drops. However, this time the whales are selling their SHIB. According to data from whale watching platform WhaleStats, the overall balance of SHIB, owned by the largest Ethereum whales today, has shrunk by a staggering amount. Because holders chose to release these meme coins. This sale amounted to a very high amount of 323 billion SHIB.
WhaleStats is a whale watching platform focused on the largest wallets on various blockchains, including Ethereum and BNB Chain. The platform in question drew attention to the movements of the 100 largest wallets in ETH earlier today. That’s because, according to WhaleStats, the top 100 Ethereum whales have disposed of about 323,362,974,939 SHIB tokens worth about $4 million.
Earlier today, the whales’ balances totaled $151,728,733. So far, that amount has dropped to $147,532,685, according to the aforementioned wallet tracker website. This amount now accounts for 5.13% of their portfolio. Shiba Inu is currently the second largest meme coin by market cap. Also, SHIB currently ranks fifth among whales’ largest crypto assets. WhaleStats also shares information on the number of holders. Accordingly, Shiba Inu has 1,213,828 holders. SHIB recently reached this all-time high.
Ethereum whales sell SHIB on the rise
Earlier today, the price of the meme token managed to rise by around 5%, according to data provided by CoinMarketCap. cryptocoin.comAs you follow, on this rise, it saw the price level of $0.00001255. This marks where the whales sold their 323 billion SHIB. According to experts, the whales made healthy profits from this sale. Because with the large amount of tokens sold, a 5% increase was quite enough to make a profit. However, so far, the SHIB price has lost about 2.5% of the previous increase. Thus, he eliminated some of his previous earnings.
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