The recent SHIB price rally has come to an abrupt halt. The crypto market was rocked by a significant whale transaction valued at $3.55 million, involving the dumping of 443 billion SHIB.
The SHIB rally, supported by the Shibarium update and ETH whales’ SHIB purchases, took a downturn on Thursday. The world’s second most prominent meme crypto experienced a slight surge of 0.7% in the last 24 hours per current Coingecko data.
After the massive SHIB price surge, a whale crypto transaction tracker reported a significant whale transaction that could cause a drop in SHIB’s price.
A Special Liquidation Order
According to WhaleAlert, a transfer of 443 billion Shiba Inu tokens (valued at around $5.1 million) from whale addresses to the OKEx cryptocurrency exchange occurred in a single transaction. Coinglass data shows that $3.55 million worth of 318.3 billion Shiba Inu Coin has been sold off in the last 24 hours.
Furthermore, In the past 24 hours, the total amount of cryptocurrency liquidated has reached $239 million, with 56,725 traders cashing out their holdings. The highest liquidation order was for $3.23 million.
Are ETH Whales Dumping SHIB?
Ethereum whales have begun to offload their Shiba Inu Coin holdings. On-chain data shows that the top 100 ETH whale wallets dropped their total holdings by $616 million, down to $598.7 million Wednesday.
Shiba Inu is the most significant token held by the ETH whales, but data also shows that it is now one of the top 10 tokens they have sold recently. Nevertheless, SHIB is still up 22% within the last week, trading at an average cost of $0.0000116.
Some believe that the whale was trying to take advantage of the recent SHIB surge by selling off their holdings at a higher price. Others speculate that the whale was trying to cash in on their investment before the price could crash.
With the volatile nature of the market, it is important to remain informed and make wise decisions when investing.
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