SHIB whales caused the token’s price to fall sharply as network transaction volumes surged 651% in the past 24 hours. The past 24 hours recorded transactions worth $56.5 million from those who moved $100,000 or more.

The transactions moved approximately 5.9 trillion SHIB tokens in 18 transactions. In response, the price of SHIB dipped sharply yesterday from $0.00000970 to $0.00000943, a decline of 2.8%. 

SHIB Needs Burn Rate to Offset Whale Selling

The total number of whale token movements constitutes around 5% of the token’s one quadrillion supply. The number of SHIB holders moving assets has fallen from 81 to 18. 

The large movements by fewer whales suggest that investor sentiment around the asset is bearish. It also means the price has a reduced chance of an upswing in the short term since whales remove crucial liquidity needed to move prices.

Read more: Shiba Inu — A Beginner’s Guide

The reduced liquidity comes as a blow as the SHIB community is moving at full speed to what lead developer Shytoshi Kusama
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Author: David Thomas

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