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SHIB Among Top Traded Cryptos by Whales, but There's Dark Side

Fri, 01/06/2023 - 13:06
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Gamza Khanzadaev
Not all so clear-cut with growth of Shiba Inu token trading among biggest Ethereum holders
SHIB Among Top Traded Cryptos by Whales, but There's Dark Side
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According to WhaleStats, a portal that tracks the actions of the largest holders of both Ethereum and tokens on the respective network, the Shiba Inu token, SHIB, has become one of the most traded crypto assets by these investors in the past 24 hours.

SHIB Killer BONK Records Over 50% More Transactions Than Ethereum in Past 3 Days

The average trading volume of SHIB among Ethereum's 100 largest whales was 856.37 million SHIB, equivalent to $7,253. However, a deeper look at the data lends a less positive tone to the news when it turns out that most of that volume came from SHIB sales.

The Shiba Inu token has become both one of the most sold and one of the most bought tokens by whales, with average values of 510 million SHIB and 346.3 million SHIB, respectively. Funnily, the token was higher in the second list than in the first, suggesting that not only SHIB alone was affected by the sale, and the purchases here were more pinpointed.

Triple bottom in whales' SHIB bag

While the momentum demonstrates the priority of SHIB whale sales in the last 24 hours, a look at the size of the aggregate position in the "once-meme" token offers a different perspective. If the same WhaleStats is to be believed, the average position size among the top 100 Ethereum holders in the Shiba Inu token has increased by more than 23 billion SHIB since yesterday.

Record 3.3 Trillion SHIB Moved as SHIB Hits This New Milestone

This brings the total bag of these investors in SHIB to $46 million, making the crypto asset the 10th-largest share in that portfolio.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.