Altcoins

2 Reasons Why #SHIB Sell-off by Ethereum Whales Is Both Good and Bad

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The size of Ethereum’s top one hundred token holder position in Shiba Inu, SHIB, has decreased by the equivalent of $25.2 million in one month. The number of SHIB held by these crypto whales currently stands at 5.8 trillion tokens, which equates to $48.26 million and represents 2.22% of the total portfolio size.

JUST IN: $SHIB @Shibtoken now on top 10 purchased tokens among 100 biggest #ETH whales in the last 24hrs 🐳

Check the top 100 whales here: https://t.co/N5qqsCAH8j

(and hodl $BBW to see data for the top 5000!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/fkpREKdRsg

— WhaleStats (tracking crypto whales) (@WhaleStats) December 22, 2022

The sale of Shiba Inu tokens is still going on today. Thus, according to WhaleStats, SHIB has once again undergone a sell-off by the largest Ethereum whales in the past 24 hours and has even made it into the top 10 most-sold tokens by them in that time period.

Pros and cons of whales’ exposure to SHIB

The participation of large investors does create a kind of support for the price of SHIB, especially when their share of the position was measured at 10% of the total token offer in the summer. The presence of the Shiba Inu token in this investor group’s portfolio both increases its value and strengthens the foundation for the price.

Right now, by the way, the holdings of the top 100 Ethereum whales in SHIB account for just over 1% of the total supply.

At the same time, this also puts enormous pressure on the SHIB price and the risk of large sell-offs that we witnessed over the past six months. Thus, the $30 million drop in whales’ positions came with a 10% drop in the SHIB price.

   
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