Why Did Ethereum Whales Sell $37.3 Million Worth of Shiba Inu?

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Source: Analytics Insight

According to WhaleStats, Ethereum Whales have dropped $37.3 million in sales of Shiba Inu (SHIB). Nearly 3 trillion SHIB tokens have been sold over the last 24 hours by these whales.

SHIB bags have become drastically smaller, going down to $119,787,272 from the previous $157 million. Thus, Whales have sold a total of 2,836,501,901,140 Shiba Inu, with 1.4 trillion sold overnight

Here’s why these Ethereum Whales may have just gotten rid of so much SHIB in a span of a few hours.

shiba inu
Source: Pixabay

Why Did Whales Drop $37.3 Million Worth of SHIB?

SHIB recently had a small rise on the markets of 3%, prompting whales to seize the opportunity for profit. Selling over 1.5 trillion coins, Whales sold enough SHIB to drop the token from third to fifth place on their holdings rankings. In total, they’ve pocketed over $19 million.

Since Monday, Whales have made huge profits off the recent rise in SHIB. However, whales should be back into the SHIB fold again as the top 100 ETH rich list has routinely purchased the token after every sell-off. The whales are most likely to take an entry position in the next slump and make use of the dips.

SHIB has experienced a massive peak in value over the past month, with some investors hoping that the coin will hit the $0.01 mark in value. At the time of writing, SHIB is changing hands at $0.00001307, per data provided by CoinMarketCap.

As SHIB continues to increase in value, the Ethereum Whales may look to dump more SHIB in the near future. Only time will tell.