SHIB eyes decrease in top Ethereum whales’ exposure
Shiba Inu, Ethereum’s top one hundred token holder in SHIB has reduced position size by the equivalent of $25.2 million in a month. The number of SHIBs held by these crypto whales currently stands at 5.8 trillion tokens, which is equivalent to $48.26 million and represents 2.22% of the total portfolio size.
The sale of Shiba Inu tokens is still going on today. Thus, according to WhaleStats, SHIB has once again undergone a sell-off by the largest Ethereum whales in the past 24 hours and has even made it into the top 10 most-sold tokens by them in that time period.
Pros and Cons of Contacting Whales at SHIB
The participation of large investors creates a kind of support for the price of SHIB, especially since their positional share was measured at 10% of the total token offering in the summer. The presence of the Shiba Inu token in this investor group’s portfolio both enhances its value and strengthens the foundation for the price.
Right now, by the way, the holdings of the top 100 Ethereum whales in SHIB account for just over 1% of the total supply.
At the same time, this also puts huge pressure on the SHIB price and at risk of a large selloff that we have seen over the past six months. Thus, a $30 million drop in whale positions coincided with a 10% drop in SHIB value.
