Data provided by WhaleStats shows that Ethereum (ETH) whales sold millions of Shiba Inu on August 24. Unaware of the upcoming rally, the whales transferred large sums of Shiba into the wallets of the lucky whales.
Whales unaware of rally sell $37.3 million worth of Shiba Inu tokens early
According to WhaleStats, Ethereum whales have disposed of $37.3 million worth of Shiba Inu (SHIB). Nearly 3 trillion SHIB have been sold by these whales in the last 24 hours. Accompanied by the sales, the whales drastically reduced their SHIB portfolio. Thus, the amount of SHIB covering whale wallets decreased from $157 million to 119,787,272. It is remarkable that whales have sold over $2.8 trillion of SHIB. These whales sold 1.4 trillion SHIB in just one night. So why are Ethereum whales selling massive amounts of SHIB out of the blue?
Why did the whales sell $37.3 worth of Shiba Inu?
SHIB recently experienced a small 3% increase in the market. This prompted the whales to seize the opportunity for profit. The whales who have sold more than 1.5 trillion SHIBs have sold enough SHIB to drop them from third to fifth in the hodl rankings. Thus, they pocketed a total of $19 million.
Since Monday, Ethereum whales have made huge profits from the recent increase in SHIB. However, whales may return again, as the top 100 ETH whale lists routinely purchase the token after each sale. Whales are likely to take an entry position at the next crash and benefit from the dips.
SHIB, the second largest meme token by market capitalization, had an outlier rally exceeding 50% last month. Some investors are hoping that the meme token will reach a value of $0.01. As the SHIB value continues to rise, Ethereum whales may try to sell more SHIBs in the near future. However, as seen from the rally of the day, sometimes whales can make timing mistakes.
Bottom-buying whales enjoy 9%
Today, a mysterious whale bought 52.47 billion Shiba Inu in a massive transaction. After the trade, SHIB price gained more than 9%. According to Etherscan.io data, the anonymous whale recently made a large transaction, purchasing a total of $756,630 SHIB. The whale currently has 657.40 billion SHIB in its wallet worth $9.47 million.
The Shiba Inu has been trading between $0.00001254-0.00001387 since August 19th. After selling whales yesterday, it gained a strong momentum today, accompanied by large purchases. Thus, it regained its position as the most held token among the top 1000 ETH whales. cryptocoin.comIn this article, we have covered the behind-the-scenes of the rise.
