Top Ethereum whales continue to buy and sell SHIB as its price fluctuates. A recent tweet from WhaleStats revealed stunning data. Accordingly, major investors sold Shiba Inu worth $5.3 million. Meanwhile, a page following the burning of SHIB reported that the amount of SHIB they burned reached 3.47 billion.
Whales sold 409.5 billion SHIB
WhaleStats shared that the 5,000 largest Ethereum whales have 5.3 million fewer SHIBs. In fact, the whales were holding $161.3 million worth of SHIB earlier today. However, they later sold Shiba Inu tokens for $5.3 million. This sale equates to a total of 409,582,689,335 SHIBs. However, SHIB is still extremely popular with whales. According to WhaleStats data, meme coin remains the 5th most popular cryptocurrency by whales.
In the top 10 list of whales, after stablecoins, Shiba Inu is the leader. It is followed by BIT, MKR, LOCUS, LINK, UNI, MANA and BEST. After stablecoins, the highest value is in SHIB. There is a close to 100% savings difference with BIT, which is the closest cryptocurrency. Whales hold 159 million SHIB. The total amount of ICT they have accumulated is only $85 million.
Shiba Inu price signals bullish
Commodity trader Peter Brandt, who has been in the business since the 70s and follows Bitcoin, Ethereum and several other popular cryptocurrencies, shared a new tweet. Brandt’s post was about SHIB. Accordingly, the veteran trader says that an inverted Head & Shoulders pattern has formed on the Shiba Inu price chart. Reverse Head & Shoulders indicates that the price may start to rise. Thus, he suggests, it will present a buying opportunity for investors and traders.
On August 14, Dogecoin’s competitor SHIB posted a 35% spike, believed to have been initiated by whales buying in large quantities. However, this price increase did not continue. So far, the Shiba Inu has almost completely wiped out their recent big gains. As we reported as Kriptokoin.com, the meme coin is currently trading at $0.00001307. This is the region it was in before the explosive price increase. According to CoinMarketCap, this price has dropped by about 3% in the last 24 hours.
This platform burned 3.74 billion SHIB
Founded by smartphone game maker Travis Johnson, the SHIB cremation platform has announced that the amount of Shiba Inu it has destroyed since it started its cremation campaign last year has approached four billion. Accordingly, the platform burned a total of 3.74 billion Shiba Inu in one year. Meanwhile, on Sunday, August 21, Johnson announced that another 50,000,000 SHIB worth $609 had been burned.
Johnson burns SHIB every Sunday, with a portion of the advertising revenue from his games and the profits he makes from selling SHIB-branded products in his online store. Shiba Inu burning means removing assets from circulation by sending them to a dead wallet. As we reported as Kriptokoin.com, the burns are positive for the price of the meme token in the long run.
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