The Shiba Inu (SHIB) market witnessed a whirlwind of activity over the past 48 hours, as whales, the largest investors, dumped trillions of SHIB tokens. According to blockchain analytics firm IntoTheBlock, the total number of Shiba Inu tokens held by these influential players decreased by a staggering 3 trillion since last Friday.
Godfrey BenjaminAt the start of this eventful period, the SHIB whales collectively possessed 661.44 trillion tokens. However, as of the latest data, their holdings have dwindled to 658.48 trillion SHIB. Notably, out of these, a significant portion of 410.36 trillion tokens has been burned and remains inaccessible within dormant wallets.
It is worth noting that the majority of these influential SHIB holders are exchange addresses, with Binance being the largest among them. Hence, it can be inferred that the dumping of Shiba Inu tokens primarily originated from this particular side.
In addition to the massive sell-off by whales, Whale Alert, a platform monitoring large crypto transactions, reported an anomalous movement of $31.7 million worth of SHIB from Shiba Staking to Binance on Friday. Such significant transfers are often associated with sales and interpreted as bearish signals.
🚨 🚨 4,000,379,151,023 #SHIB (31,709,005 USD) transferred from Shiba Staking to #Binancehttps://t.co/eqntWcrNf0
— Whale Alert (@whale_alert) June 9, 2023
Shibamortization
While the Shiba Inu token price experienced a substantial decline of over 30% during this period, it is not surprising that the aggregate balance of major SHIB wallets also witnessed a substantial loss. However, the data reveals an intriguing trend.
The remaining balance lost by whales was seemingly absorbed by the other two categories of investors. Wallets classified as investors, holding between 0.1% and 1% of the token's total supply, witnessed an increase of 1.96 trillion SHIB during this period. Ordinary holders, categorized as retail, acquired an additional 1 trillion tokens.
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