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

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Fri, 6/01/2023 - 13:06
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.

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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.

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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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