Ethereum whales offloaded millions of Shiba Inu (SHIB) tokens


The Ethereum whales that had millions in Shiba Inu they dumped $17.6 million worth of SHIB, jeopardizing the price of the cryptocurrency. The Shiba Inu community has witnessed massive wallet holders on the Ethereum blockchain constantly hoard Shiba Inu. The whales constantly accumulated SHIB and added it to their wallet.

The last few days have seen a significant drop in whale farms. The decline in holdings could negatively affect SHIB and have a bearish effect on Shiba Inu.

Ethereum Whales Drop $17.6 Million Shiba Inu Tokens (SHIB)

Shiba Inu has always witnessed the massive support of ethereum whales, since they had invested millions to accumulate SHIB. Whales were very bullish on the memecoin, with holdings exceeding $1 billion from SHIB. But some whales seem to be getting rid of their possessions.

After losing $17.6 million worth of SHIB tokens, the top 100 Ethereum whales currently hold $982,324,880. The dump has turned the entire scenario bearish for SHIB.

One of the critical reasons for the selloff could be the recent pullback in prices. This could have led to more sell-offs and bearish sentiment causing the whales to sell off their holdings.

If the liquidation continues, this could be a dangerous sign for the Shiba Inu. The daily chart also visibly reveals that the memecoin is forming a descending triangle, and the sell-off could cause a price drop. It could lead to a 48.59% correction that could see SHIB drop to $0.000011.

Source: TrafficView

The year has been slowly getting better for memecoin with the metaverse launch, the Robinhood roster, his recording portal, and other milestones he’s looking to break this year. The Shiba Inu community has also provided more visible support than any other community. So everyone should get ready because anything could happen. SHIB is trading at $0.000020 down 5% in the last 24 hours at time of writing.

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