SHIB is still on whales’ radar despite massive sellout
as reported by whalestats, which tracks the transactions of the largest holders of Ethereum, SHIB has become one of the most used smart contracts by the top 500 whales over the past 24 hours. Overall statistics on the main coin of the Shiba Inu project remain mixed, which is generally related to the recent drop in its quotes.
The source also reports a significant decrease in the trading volume of SHIB of Ethereum whales with a simultaneous decrease in net inflows and the transition of this indicator to the negative zone. In addition, a significant decrease of SHIB’s weight in the total portfolio of all major token holders is worth noting. Previously, SHIB held the second largest position, yielding only to USDC, but now its value is only 5.32% of the total value, which is equivalent to a position of $157.86 million.
Assessing the overall composition of the positions held, we can see that SHIB is replaced by stablecoins as well as by the wrapped Ethereum, stETH. This change could also indicate large ETH holders sitting out the current market storm in “crypto cash” as well as their larger participation in Ethereum ahead of the September blockchain update.
Half billion SHIB sold
In addition, the portal provided a detailed breakdown of the positions of the top 2,000 Ethereum whales. If earlier U.Today reported that this group of investors SHIB held $660 million, now after two weeks this value does not exceed $163 million. Thus, it can be concluded that during the recent Shiba Inu pump, large Ethereum holders sold out SHIB for almost half a billion dollars.
