Are Shiba Inu Whales Driving the Sell-Off?
Shiba Inu whales have been very active lately, and their increased trading activity could be affecting the SHIB price. As the price of Shiba Inu has dropped, it appears these major holders are selling off their tokens.
**Shiba Inu Whale Volumes Jump by 117%**
Data from IntoTheBlock shows a significant rise in whale activity. Between October 6 and 7, whale volumes more than doubled. In this period, 1.39 trillion SHIB tokens, worth $25.2 million, were traded across 99 transactions involving $100,000 or more.
By October 7, these large transactions had increased by 66%, rising from 99 to 165. The amount of SHIB traded also surged by 117%, with 3.02 trillion tokens worth $52.8 million exchanged.
This uptick in whale trading coincided with the Shiba Inu price falling below $0.000017, suggesting that these whales might be selling their holdings, which could be contributing to the price drop.
If the amount of SHIB held by whales continues to decrease without any price recovery, it could signal more selling. On the other hand, if these whales start buying again, the price could bounce back significantly.
**SHIB Investors Hold On**
Despite the recent price decline, many SHIB investors remain optimistic. According to IntoTheBlock, out of 1.35 million SHIB addresses, 714,190 (52.86%) are still profitable. However, 595,770 addresses (44.10%) are currently at a loss, and only 43,040 addresses (3.04%) are at the breakeven point. These investors bought SHIB at the current price.#shiba⥠#SHIBAUSDT #shiba⥠#SHIBAUSDT #shibaâĄ
