ETH Whales Sell Over 1.1 Trillion SHIB Tokens Amid Meme Coin's Price Struggles
Massive SHIB Sell-Off by ETH Whales
The largest Ethereum whales have sold over 1.1 trillion SHIB tokens in the past three days, according to WhaleStats. This significant sell-off includes a transfer of 61 billion SHIB to Binance, a major cryptocurrency exchange. The total value of SHIB held by these whales has dropped from $152 million to $140 million since September 14, reflecting a notable shift in their holdings.
SHIB's Recent Price Performance
Despite a 1.35% increase today, SHIB is down over 8% in the last week. Currently trading at $0.0000119, SHIB ranks as the 12th largest cryptocurrency by market capitalization, with a market cap of $6.5 billion. However, its 24-hour trading volume has declined by 21%, now standing at $174 million.
Implications for the Meme Coin
The large-scale selling by ETH whales may indicate a loss of confidence in SHIB's short-term prospects. While the meme coin remains popular, its recent underperformance could signal a broader market sentiment shift. Investors should remain cautious and conduct thorough research before making any decisions.
Disclaimer
This analysis is provided in good faith and should not be considered as investment advice. Readers are encouraged to do their own research and proceed with caution.
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