The Shiba Inu (SHIB) price rally, buoyed by the Shibarium update and the purchase of Ethereum (ETH) whales, fell Thursday. The price of the world’s second largest meme crypto fell more than 9% in the past 24 hours. Just after the huge SHIB price spike, the whale tracker reported a large whale transaction that could be a likely reason for the recent price drop.

This may be the reason for the Shiba Inu price drop

According to the data revealed by WhaleAlert, whale addresses have moved more than 443 billion Shiba Inu coins (about $5.1 million) in a single transaction. The reported transaction saw the deposit of SHIB token on the OKEx crypto exchange.

Since then, the price of Shiba Inu has plummeted in the past day. Data obtained from the Coinglass shows that approximately $3.55 million worth of 318.3 billion Shiba Inu Coin has been liquidated from the crypto market in the past 24 hours.

However, the crypto market’s total liquidation has surpassed $239 million in the past 24 hours. More than 56,725 traders have liquidated their money from the market. While the largest recorded liquidation order was $3.23 million.

ETH whales dump SHIB?

As we dig, it seems that Ethereum whales are also dumping their holdings of Shiba Inu coins. Coingape reported that the top 100 ETH whales held about $616 million in SHIB holdings on Wednesday.

The total stake has dropped to about $598.7 million as of now. Shiba Inu landed on the list of top 10 tokens sold by the largest ETH whales. However, the SHIB is still the largest token of the ETH whales.

Despite the recent price drop, the Shiba Inu Coin price is still up 24% in the past 7 days. SHIB is trading at an average price of $0.000011 at the time of going to press. The 24-hour trading volume is around $846 million.

Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching a thriller or exercising outside. Reach me [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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