SHIB Seems to Have Crisis with Whales, Here's What It Is

As far as data shared by the WhaleStats tracker of the largest wallets on Ethereum and several other major chains can be interpreted, the top ETH investors seem to be sort of disappointed in Shiba Inu meme coin as they began to dump it heavily.

The supply of SHIB they are holding is now far below the $100 million level in USD, which seemed unlikely as recently as this summer.

Here's how much SHIB whales hold

According to a recent tweet by WhaleStats, the amount of SHIB stored in the top 500 wallets on Ethereum has dropped to $83,874,497 in the USD equivalent from above $100 million a couple of weeks ago.

As for the top 100 whales, they are holding even less SHIB — $76,706,845 worth of these popular meme tokens. Currently, this is 3.28% of their comprised portfolio.

As reported by U.Today, over the past two weeks, anonymous whales have shoveled several trillions of SHIB, moving them between unidentified wallets. Some hundreds of billions, though, were moved to crypto exchanges to be sold.

🐳 The top 500 #ETH whales are hodling

$83,874,497 $SHIB
$56,976,507 $MKR
$54,114,402 $BIT
$50,412,192 $UNI
$40,303,518 $LINK
$34,752,484 $BEST
$34,445,820 $MOC
$34,088,608 $MATIC

Whale leaderboard 👇https://t.co/tgYTpOm5ws pic.twitter.com/5yjgafC8Mm

— WhaleStats (tracking crypto whales) (@WhaleStats) November 9, 2022

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SHIB market cap below $6 billion

Over the past 24 hours, the market capitalization of the second biggest canine token SHIB has gone below the $6 billion mark.

The coin shows a drop of 10% over the past 24 hours and is trading at $0.000009875.

This is 88.78% below the all-time high of $0.00008845 reached by the coin on Oct. 28 last year.