Shiba Inu Whales Dump Trillions Of SHIB Tokens, But Investors’ Categories Rebalance SHIB Wallets

Whales engaged in a Shiba Inu sell-off frenzy dumping trillions of SHIB tokens within 48 hours. However, despite the raging chaos, other investors’ categories rebalanced the lost tokens from whales in SHIB wallets.

SHIB Whales Dump A Huge Numbers Of Tokens

Data from a crypto intelligence provider, IntoTheBlock, revealed that the past 48 hours have been busy for the second-largest meme coin by market cap. The firm indicated that whales have been massively selling off their Shiba Inu holding and have already dumped trillions of SHIB tokens.

According to the report, the total number of Shiba Inu coins held by the whales has plummeted drastically by 3 trillion since Friday last week.

Before the selling-off event, Shiba Inu Whales cumulatively held about 661.44 trillion SHIB tokens. But the whales’ holdings have dropped to 658.48 SHIB coins, indicating a 0.45% dip.

Further, the Shiba Inu community sent a staggering 410.36 trillion SHIB tokens to the dead wallet. This move permanently destroyed the tokens from circulation.

A closer look at the SHIB whales with huge outflows is mostly crypto exchange wallets, with Binance recording the biggest outflow of the meme coin. Besides the massive sell-offs from whales, the on-chain crypto data provider Whale Alert captured a huge SHIB transaction. 

The data provider noted a transfer of over 4 trillion SHIB tokens worth $31.7 million sent from Shiba Staking to Binance on Friday, May 9, 2023. In most cases, such a remarkable crypto transaction is usually connected to sales with bearish signal indications.

Shiba Inu Investors’ Wallets Categories Rebalance Lost Tokens From Whales

Though the massive dump of Shiba Inu by whales dipped their cumulative wallet balance, other major SHIB wallets rebalanced the aggregate holding of the meme coin. Similarly, the wallets of ordinary holders that fall under retail investors witnessed an increase of 1 trillion tokens.

The other two categories of Shiba Inu investors absorbed the value lost by the SHIB whales. Investors’ wallets holding 0.1% to 1% of SHIB’s total supply saw a surge of 1.96 trillion SHIB coins within this period. 

Shiba Inu (SHIB) is receiving more attention in the crypto space. Part of the reason for investors’ interest is due to its recent innovative developments and projects.

However, the price trend for Shiba Inu has been less impressive recently. According to data from CoinMarketCap, the 7-day price action for SHIB indicated a drop of over 21%.

Shiba Inu is ranked as the 18th top crypto asset with a market cap of $3.90 billion. Also, at the time of writing, Shiba Inu has plummeted by 1.66% over the past 24 hours, trading at around $0.000006628.