On-chain data shows that the richest Ethereum (CRYPTO: ETH) whales have been selling a large amount of Shiba Inu (CRYPTO: SHIB) tokens over the last two days.
What Happened: ETH Whales sold 1.5 trillion SHIB tokens worth $20 million, as per data from blockchain wallet tracker Whale Stats.
The meme coin rallied over 40% in the last two weeks, suggesting that ETH whales saw a profit-taking opportunity over the weekend.
Data also shows that SHIB saw an 86% net outflow from holders and active whale addresses were down 33% over the last day. The largest SHIB whales currently hold 19% of the meme coin’s circulating supply. SHIB is currently the fourth-biggest position among ETH whales who hold a collective $157 million worth of tokens.
Despite whales playing a major role in SHIB’s price action, retail traders and members of the SHIB community have been actively focused on reducing the coin’s supply with token burns in an effort to increase the price.
Last week, the daily burn rate for SHIB tokens saw an 1167% increase over the span of one day.
See Also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?
Price Action: According to data from Benzinga Pro, SHIB was trading at $0.00001312 at press time, down 0.5% over the last 24 hours. Rival meme coin Dogecoin (CRYPTO: DOGE) was trading at $0.067, down 1.3% over the same period
Bitcoin (CRYPTO: BTC) and ETH were trading at $21,322 and $1,629 at press time, up 0.07% and 0.50%, respectively over the last day.
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