Are Shiba Inu Whales Leading the Sell-Off?
Despite meme currency volatility, Shiba Inu whales have been moving a lot. Most significantly, these massive whales increased their volume in 24 hours, which might affect the SHIB price. Whale activity has increased as the Shiba Inu price falls, suggesting these major holders are selling.
Shiba Inu Whale Volumes Rise 117%
IntoTheBlock statistics shows a recent increase in Shiba Inu whale volume. Whale volume increased more than 2x between October 6 and 7. The on-chain data monitoring service reported 1.39 trillion Shiba Inu whale quantities. This totaled $25.2 million over 99 trades involving $100,000 or more SHIB tokens.
Shiba Inu trades with $100,000 or more tokens increased 66% the next day, October 7. It rose from 99 to 165, indicating increasing big whale engagement. Thus, SHIB token transactions increased. It rose 117% to 3.02 trillion SHIB from the previous day. The traded tokens were worth $52.8 million.
Whale trade volumes increased as Shiba In fell below $0.000017. This shows that these enormous Shiba Inu whales are aggressively selling meme coins, which may be hurting their price.
If Shiba Inu whale quantities continue to fall without price changes, it may indicate that the whales are still selling. Were these huge investors to purchase, the Shiba Inu price may rebound significantly.
SHIB Investors Battle On
Most investors are still positive despite the recent SHIB price drop, which may have been caused by the Shiba Inu whales. IntoTheBlock reports 714,190 âIn The Moneyâ SHIB addresses out of 1.35 million. This indicates 52.86% of SHIB wallets are profitable.
However, 595,770 addresses are âOut Of The Money,â accounting for 44.10% of holders. Only 43.04%, or 41,090 addresses, are âAt The Money.â These addresses bought their assets at the same price as the Shiba Inu token. Their breakeven is reached.
