Shiba Inu whales dumped trillions of SHIB tokens on the day of Shibarium’s launch. Meanwhile, according to Santiment analysis, whales are rallying around 3 major altcoins.
Whales sold trillions of SHIBs on Shibarium’s launch day
Number of SHIBs held by major investors cryptocoin.com It dropped significantly on March 11, the day of the beta launch of Shibarium, also known as PuppyNet. According to data from IntoTheBlock, 40 whale wallets currently hold around 122 trillion SHIB, which is 12.35% of the supply.
These investors held SHIB 123.16 trillion as of the end of the previous week, before selling part of their wallets and buying back 10 trillion SHIB on March 11. Interestingly, the whales are moving away from the SHIB as NOWNodes announces the first steps of the Shibarium Roadmap.
Hehehe 🤓#NOWNodes x #Shibarium Roadmap – Step 1 is activated ⛓️
We will open pre-release form so you can sign for an early access to Shibarium Mainnet nodes (as soon as the project is launched by SHIB) ❗️ https://t.co/lVyMqK6Geh
— NOWNodes (@NOWNodes) March 11, 2023
Specifically, the metrics showed that the number of SHIBs held by whales dropped by 10 trillion at the time of the release of Shibarium’s public beta. The data shows that SHIB whale wallets have shrunk significantly since November last year, so major investors are now losing faith in Shiba.
A recent report by Santiment reveals that during the SHIB sales, whales turned to 3 major altcoins.
As the market revives, whales identify their new prey: MATIC, FTM, GHST
Blockchain analytics firm Santiment has detected large whale transactions focused on Polygon (MATIC), Phantom (FTM), and Aavegotchi (GHST) as the market continues to see the red. The data shows that a Polygon whale moved $62.1 million worth of MATIC stacks between wallets. Transfers may be a sign that the whale is preparing to sell, according to Santiment, but it’s also possible that it’s a routine token mixing on an exchange.
Santiment also has a Phantom (FTM) on its radar. The firm says FTM’s recent bearish price action may be linked to a recent whale transaction valued at more than $10 million:
Phantom takes quite a beating in March. The most recent major whale transaction was a $10.2 million move within an exchange. So far, the price has dropped after this massive fund transfer. But it will take some time before you can assume it’s a big sale and not just a simple transfer to a new wallet.
Finally, Santiment says the whales are on the move on the Aavegotchi (GHST). The analytics firm says a recent whale trade could signal the end of GHST’s downtrend:
With Aavegotchi’s market cap at 331, it tends to see a lot of extreme volatility with whale trading having a tremendous impact on its price. Today, GHST made a single transfer of $8.2 million from one exchange address to another exchange address as the markets [fall]. You can see that there are a number of large on-chain transaction volumes in the top positions from 21 to 23. This increase is the first since then. Maybe it indicates that the bottom is near?
