Over the past 48 hours, the Shiba Inu (SHIB) market has experienced a flurry of activity as whales, or the biggest investors, sold billions of SHIB tokens. The total quantity of Shiba Inu coins held by these powerful individuals has plummeted by a startling 3 trillion since last Friday, according to blockchain analytics company IntoTheBlock.
The SHIB whales had 661.44 trillion tokens in their total possession at the beginning of this historic time. However, according to the most recent data, their assets only total 658.48 trillion SHIB. Notably, a sizeable fraction of them, or 410.36 trillion tokens, have been destroyed and are no longer usable in idle wallets.
It is important to note that Binance is the largest among these significant SHIB holders, and that exchange addresses make up the majority of them. Therefore, it may be assumed that this specific side was where most of the Shiba Inu tokens were dumped.
Whale Alert, a website that keeps track of significant cryptocurrency transactions, observed an abnormal transfer of SHIB worth $31.7 million from Shiba Staking to Binance on Friday in addition to the enormous sell-off by whales. Such large transfers are frequently linked to sales and are seen as negative signs.
Shibamortization
It is not unexpected that the total balance of the main SHIB wallets incurred a sizable loss during this time, given that the price of the Shiba Inu token dropped significantly by over 30%. However, an intriguing tendency is shown by the data.
The remaining whale investors’ losses appeared to be covered by the other two types of investors. The quantity of tokens held by wallets categorised as investors, which hold between 0.1% and 1% of the overall supply, increased by 1.96 trillion SHIB during this time. Retail holders who are regular people bought an extra 1 trillion tokens.
