The second largest meme token, SHIB, has recorded a massive dump by whales/holders in the past 24 hours. After months of ranking high on the top 10 holding ETH large holding list, SHIB suddenly dropped.
The high amount of whale activities and holding recorded on the SHIB network in the past few months has been shocking. The token rose from the bottom to become the biggest token in USD and ranked first on the top 10 token holdings on the Ethereum blockchain. The sudden dump has generated reactions from crypto communities, following a recent 3% price bull in the token.
Whales Sell-Off 1.4 Trillion SHIB In The Market Overnight
On-chain analytics platform, Whalestat has revealed that a whale sold 1.4 trillion SHIB holding into the markets on the 22nd of August. According to the report, the dump-off was made by one of the giant Ethereum whales holding the token.
WhaleStat data reported that the Ethereum whales had SHIB tokens worth over $159 million on the 22nd of August. Overnight, a whale sold 1 trillion Shiba Inu tokens, shrinking the total ETH whale holding to approximately $140 million.
The data deciphered that the massive dump may be triggered by the 3% increase in SHIB token price. The little profit from the bull may have triggered the whale to dump the token; however, the sale caused the token to slump on the top 10 holding list.
SHIB dropped to the fourth position on the ETH whale’s biggest holding assets. The second most significant canine token constitutes 3% of ETH whales portfolio in the markets after Shiba Inu, worth $19.3 million, was sold overnight.
“I Hope SHIB Would Peak $0.01 Soon” – David Gokhshtein
A few days ago, a former United States congressional candidate, David Gokhshtein, predicted and hoped that the Shiba Inu meme token would peak at $0.01. The Gokhshtein media platform founder has revealed his hopes and predictions via a tweet on his Twitter page.
This tweet is not the first bull SHIB prediction from David; the serial entrepreneur has been one of the frontiers showing interest and supporting the token. A few days after David’s prediction, the token has taken another route, possibly bullish.
A few days ago, a crypto whale analytic platform, WhaleStat, reported a Shiba Inu purchase of $5.1 million overnight by an Ethereum whale. Although, there were predictions that the whale holding may be for a short term. The short-term forecasts seem to be coming to reality.
According to CoinMarket Cap, Shiba Inu currently trades at $0.00001313 in the market, with a 1% increase in the past 24 hours. Following its 38% rally on the 14th of August, SHIB has dropped gradually, losing all its rally gain.