Record amounts of Shiba Inu (SHIB) have been sold by ETH whales in the past three days. Here are the developments that are pushing big wallets to do just that.
Whales in a rush to save sell 1.1 trillion SHIB
Current WhaleStats data shows that the largest Ethereum whales have sold over 1.1 trillion SHIBs in the past three days. A recent transaction to sell SHIB moved approximately 61 billion SHIB to the Binance exchange.
WhaleStats shows that the SHIB stash held by the biggest Ethereum whales fell from $152 million to $142 million from September 14 to September 16. Today, the whales have $140 million worth of Shiba Inu left in their wallet.
As a result, the amount of SHIB leaving the whales’ wallets is 1,115,879,828,326 units. A most recent transaction carried a total of 60,921,271,741 SHIB to the Binance exchange, most likely to sell.
https://twitter.com/shibaplay_/status/1571084502012727298
Whales left SHIB during the week when the price fell. According to data from CoinMarketCap, the Shiba Inu price has lost more than 8% since last week. But the positive news comes from the resolve of the Shiba Inu community to shrink its near-limitless supply.
Community support keeps Shiba Inu alive
The community hasn’t been idle as the Shiba Inu has fallen recently. In addition, the developers continue to work to burn large amounts of tokens on a daily basis. The bad news is that this effort doesn’t affect the chart. Also, Shibburn recently announced plans to launch a new iOS, Android and Alexa skill for the Shibburn Radio app. The Shiba price was quiet though.
We just submitted the Alexa Skill for Shibburn Radio. In a few hours we will submit the station's app for iOS and Android for approval. The long-awaited app for Shibburn (main app) is also on it's way. Stay tuned! pic.twitter.com/4wMTUXhRgt
— Shibburn (@shibburn) September 14, 2022
The app will further increase the burning rate, especially of SHIB, which has increased significantly over the past few weeks. Interestingly, SHIBBURN revealed that over 1.36 million SHIBs have been burned in the last 24 hours:
In the past 24 hours, there have been a total of 136,821,030 $SHIB tokens burned and 11 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) September 16, 2022
How effective are SHIB token burning events?
As of last week, SHIB has gained 3%, which is a satisfying gain. However, as we mentioned above, it has been on the decline since last week. A major reason for this decline is the Ethereum merge effects, which has dragged down several altcoin prices. But some other metrics are also responsible for SHIB’s recent price drop.
For example, the Market Value Actual Value (MVRV) Ratio fell with daily active addresses. These can be taken as bearish signals that point to more bearish trends in the coming days.
However, net deposits on exchanges were higher than the seven-day average, according to data from CryptoQuant. These data can be interpreted as higher selling pressure in the market. However, several metrics also showed a trend reversal as SHIB’s foreign exchange reserve continued to decline. This can be taken as a sign of lower selling pressure. In addition, SHIB’s social volume has also increased significantly over the past week. This shows the growing interest of the crypto community in memecoin. We have covered the details about the recent Shiba Inu news in this article of Kriptokoin.com.
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