Ethereum whales that held millions in Shiba Inu dumped $17.6 million SHIB, putting the SHIB price in jeopardy. The Shiba Inu community has witnessed massive wallet holders on the Ethereum blockchain constantly amassing Shiba Inu. The whales were consistently piling SHIB and adding it to their portfolio.
The last few days have witnessed a significant drop in the whale holdings. The decline in holdings might adversely affect SHIB and levy a bearish effect on Shiba Inu.
Ethereum whales shed $17.6 million in Shiba Inu
The Shiba Inu has always witnessed massive support from the ethereum whales as they had poured in millions to accumulate SHIB. The whales were highly bullish on SHIB, with holdings that crossed over $1 billion SHIB. But some whales seem to be dumping their holdings, taking a toss on SHIB.
After losing $17.6 million in 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 sell-off might be the recent price pullback. This might have triggered more liquidations and a bearish sentiment causing the whales to sell off their holdings.
If the sell-off means to continue, this might be a dangerous signal for Shiba Inu. The daily chart also visibly reveals that the memecoin is forming a descending triangle, and the sell-off might trigger a price drop. It might lead to a 48.59% correction that might lead SHIB to fall to $0.000011.
The year has been turning out to be slowly better for the memecoin with the release of the SHIB Metaverse, the Robinhood listing, its burn portal, and other milestones that it seeks to crack this year. The SHIB community has also been more visibly supportive than any other community out there. The SHIB community should brace itself as anything might happen. SHIB is trading at $0.000020 with a 5% drop in the last 24 hours at the time of writing.