What Happened, Shiba Inu Handling Has Ended Among ETH 'Whales'?


 Shiba Inu (SHIB) price rally supported by Shibarium update and Whale Ethereum (ETH) cluster buying started to decline on Thursday. The price of the second largest crypto meme however increased by more than 40% in the last 24 hours. In the immediate aftermath of SHIB's massive price spike, whale trackers reported large whale transactions acting rather strangely in the recent price spike.

Based on data revealed by WhaleAlert, there are Whale addresses that transferred more than 443 billion Shiba Inu Coins (approximately $5.1 million worth) in one transaction. The reported transaction saw the deposit of SHIB tokens on OKEx crypto exchange.

Data obtained from Coinglass shows that around $3.55 million worth of 318.3 billion Shiba Inu Coins have been liquidated from the crypto market in the last 24 hours.

However, the total liquidation of the crypto market has reached $239 million in the last 24 hours. More than 56,725 investors have liquidated their funds from the market. While the largest single liquidation order recorded was $3.23 million.

Based on the data, it appears Whale Ethereum also dropped their Shiba Inu token holdings. Coingape reported that the top 100 ETH whales held around $616 million worth of SHIB holdings on Wednesday.

Total holdings so far have dropped to around $598.7 million. Shiba Inu is in the list of top 10 tokens sold by the biggest ETH whales. Even so, SHIB remains the largest token held by the ETH whale.

Despite the recent price drop, the price of the Shiba Inu token is still up by 48% in the last 24 hours. SHIB traded at an average price of $0.000001844. Its 24-hour trading volume is around $846 million