Whales dumped trillions of altcoin SHIB in an epic 48-hour frenzy. So, who is the mysterious buyer who emerged amid the chaos in the cryptocurrency market? Details are in our article.
Altcoin whales swim with enthusiasm
The altcoin Shiba Inu (SHIB) market has witnessed an interesting development. Accordingly, it has witnessed a whirlwind of activity in the last 48 hours as whales dispose of trillions of SHIB tokens. According to blockchain analysis firm IntoTheBlock, the total number of Shiba Inu tokens held by these influential players has dropped by a staggering 3 trillion since last Friday. At the start of this eventful period, altcoin SHIB whales collectively owned 661.44 trillion tokens. However, as of the latest data, the amount of SHIB they hold has dropped to 658.48 trillion. Notably, a significant portion of the 410.36 trillion tokens went to burn. It also remained inaccessible on inactive wallets.
It is worth noting that the majority of these influential altcoin SHIB holders have exchange addresses. Which stock market, you ask? Let’s say the biggest is Binance. In addition to the massive sale by whales, Whale Alert, a platform that tracks major crypto transactions, reported an anomalous movement of $31.7 million worth of SHIB from Shiba Staking to Binance on Friday. Such significant transfers are often associated with sales. It is also interpreted as bearish signals.
🚨 🚨 4,000,379,151,023 #SHIB (31,709,005 USD) transferred from Shiba Staking to #Binancehttps://t.co/eqntWcrNf0
— Whale Alert (@whale_alert) June 9, 2023
Can the Shiba Inu reach $0.0001?
The altcoin Shiba Inu price experienced a significant drop of over 30% during this period. It is therefore not surprising that the total balance of major SHIB wallets also witnessed a significant loss. However, the data reveal an intriguing trend. Wallets that are classified as investors and hold between 0.1% and 1% of the token’s total supply have witnessed an increase of SHIB 1.96 trillion during this period. Individually categorized ordinary holders received another 1 trillion tokens. The general consensus is that the Shiba Inu will eventually recover along with the rest of the market. However, the extent of the recovery is not yet clear. For example, there was an 87% increase in Bitcoin from January to April. However, altcoin SHIB has only increased by 34% during this time frame.
The uncertainty of the potential recovery campaign is making investors nervous. Is it possible for the Shiba Inu to finally reach $0.0001? The short answer is yes. However, this increase will mainly depend on broader market and ecosystem developments. The community expects projects like Shibarium and SHIB: The Metaverse to make a splash. He is also eagerly waiting for it to help benefit the altcoin price. cryptocoin.comWhen we look at it as a whole, the rate of adoption of these projects will determine how effective their contribution to the ecosystem will be.
