It’s a mystery why the Shiba Inu whales dumped 10 trillion SHIB tokens on the day Shibarium Beta was launched. An occasion such as the Shibarium Beta release makes both retail and whales hold on to their tokens anticipating a price pump. However, to everyone’s surprise, the opposite happened.
While the majority of retail investors firmly held on to their tokens expecting a price pump, whales jumped ship and dumped 10 trillion SHIB tokens. When retail investors welcomed the Shibarium Beta release (despite the delay), the whales got on a dumping spree.
For the uninitiated, the top 100 Ethereum whales holding SHIB reduced by 10 trillion tokens on the day of the Shibarium Beta launch, reported IntoTheBlock. You can read more details about the development here.
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Shiba Inu: Who Are These Whales & Why Did They Dump SHIB?
So who are these whales and why did they dump SHIB even after the early Shibarium Beta release? The answer to the question could remain a mystery forever, as the identity of the whales is anonymous and unknown.
The Beta launch came at a time when the markets faced a crisis due to the Silicon Valley Bank facing insolvency. Hence, either the whales dumped the tokens to keep liquidity at hand or moved the funds to different assets. The correct picture is yet to be known.
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It is not known if the dump was from insiders or general whales who thought that Shibarium will not sustainably scale SHIB’s price up in the indices.
However, the early Shibarium Beta release did little to nothing to help SHIB’s price scale up. The token traded on the razor’s edge during the weekend and is up 4% in the 24-hour day trade. Nonetheless, SHIB was trading with five ‘zeroes’ last week and now briefly recovered in price as it’s trading with four ‘zeroes’.
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At press time, Shiba Inu was trading at $0.00001056 and is up 3.3% in the 24-hour day trade. SHIB is down 87.71% from its all-time high of $0.00008616, which it reached in October 2021.