Until about three weeks ago, Shiba Inu was the top 10 holdings for Ethereum whales, but now after the sell-off, it has dropped to fifth place.
Crypto whales can affect the price of any digital token. They have such a large amount of token reserves that they can influence the demand and supply of tokens on a large scale. A whale tracking platform has reported similar news for the Shiba Inu. According to the platform, Ethereum whales have sold a large number of Shiba Inu tokens. According to data released by the platform, whales have sold 323 trillion Shiba Inu tokens.
According to WhaleStats, a platform that tracks the activity of crypto whales, the 100 largest Ethereum whales have sent 323,362,974,939 Shiba Inu tokens back to the market, i.e. sold them. The price of these tokens is said to be around 4 million dollars. Before that Whales had $151,728,733 worth of tokens. Now this figure has come to 147,532,685 dollars. The share of Shiba Inu in their portfolio is now only 5.13%.
Shiba Inu is the second largest meme cryptocurrency in the world. Until about three weeks ago, the Shiba Inu was in the top 10 holdings for Ethereum whales. Now after the sale, its position has been reduced to fifth. This means that it has slipped to number 5 in the top cryptocurrency held by Ethereum whales. Talking about holders Shiba Inu has 1,213,828 holders.
At the same time, if we look at its price trend, the trade opening of Shiba Inu today ie September 1 has been with decline. The first day of the month brings decline for the Shiba Inu. Today its price shows a loss of 2.11%. At the time of writing, Shiba Inu was priced at Rs 0.000963 on Indian exchange Coinswitch Kuber. A day ago Shiba Inu price recorded a marginal increase of 0.20%. What effect the token sale by whales has on its price remains to be seen in the coming days.